VLCC rates spike as new cargoes emerge in tight tanker market

VLCC rates have risen sharply as new cargoes drained the tonnage pool for the big tankers.

The Baltic Exchange assessed Middle East Gulf-to-Asia runs at $52,100 per day on Wednesday, up 20% in 24 hours and 33% in a week.

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Fearnley Securities said there were “big moves” in freight rates, saying ships loading in the Middle East and West Africa were earning $8,000 more than on Tuesday.