Spot Rates Rise

Average July 2001 tanker spot freight rates slightly up from June The average spot freight rates (time charter equivalent rate) for VLCCs (trading AG-Japan) went up to USD 21,624 per day for a modern vessel; this is up 12.7% from the average of June 2001. The corresponding rate for a modern Suezmax trading West Africa to US went up to USD 30,125 per day or up 28.7%. For a modern Aframax tanker trading North Sea to UK/Cont. the average rate for July 2001 was USD 29,511, up 67.5% from the low level obtained in June. The average monthly rates for these three trades had been steadily declining from March to June 2001. - (Source: INTERTANKO)