VLCC Rates Surge Amid Bahri Week Developments
Brokers are reporting a 'clandestine' tone to the market during the Saudi Arabian gathering known as Bahri Week, hosted by the state tanker giant. Despite this secretive atmosphere, firm sentiment is holding strong among tanker owners.
Key Market Movements
VLCC rates have jumped once more, with the Baltic Exchange assessing Middle East Gulf to Asia spot earnings for modern scrubber-fitted vessels at $132,700 per day. This represents a significant 32% increase in just one week, highlighting the dynamic shifts in the tanker industry.
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