Tanker Rates Remain in the Doldrums

Returns for VLCCs fell for a third consectutive day to the lowest level in a month, as the supply of vessels exceeded cargo demand, according to a recent Bloomberg report. Daily income for VLCCs on the Saudi Arabia-to-Japan voyage declined 2.4 percent to $11,810, the lowest price in a month, citing the London-based Baltic Exchange. Global demand to ship crude on VLCCs will rise 5.3 percent to 148.2 million dwt this year, according to Clarkson Research Services Ltd., while fleet growth will grow 8 percent.

(Source: Bloomberg)