Tankers: VLCCs Under Pressure
Owners’ expectations were firm at the start of the week with the market for 270,000mt Middle East Gulf to China peaking at Worldscale (WS)120. Rates then came under downward pressure with WS115 and WS117.5 agreed for China discharge, and now we understand levels have slipped further with brokers now seeing market closer to very low WS100S. Going west, 280,000mt to US Gulf Cape/Cape was fixed at around WS62, though pressure is building on owners. For 260,000mt from West Afric.....