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VLCC rates at five-month high

VLCC rates at five-month high

Singapore: Asian demand has helped drive very large crude carrier (VLCC) rates to a five-month high. VLCC rates from the Arabian Gulf to the Far East pushed past the W100 mark last week for the first time since February. Rates have jumped from $41,800 per day at the start of June to $78,900 daily. Rates have been rising since late May and delays at Chinese ports and a pre-holiday rush of fixing last week. "The rally which has brought VLCC earnings on the Arabian Gulf - Far East voyage to a five month high has been driven by the continued strength in eastern demand and improving sentiment across markets," said Poten & Partners in their weekly report. "It is interesting to note rumblings that charterers already actively pursuing tonnage with fixing dates later than mid-July have played a role in driving recent activity levels. This suggests a sentiment, at least among some, that recent strength in earnings will continue," the report added. [21/06/10]

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