Wednesday fixture lists showed that VLCC owners had rallied in the wake of supertanker alliance Tankers International, following its example by pinning down deals at levels more than a third up on Monday's rates. Astro Centaurus, controlled by Greek magnate John Angelicoussis, was fixed out to Shell for an eastbound cargo from the Mideast Gulf at W57.5, while the Hyundai managed Universal Brave was booked by Singapore Petroleum Company for a similar journey at the same level, brokers said. The VLCC market plunged in June when Iraq cut output in protest at a joint U.S./British plan to revamp sanctions in place since the 1991 Gulf War. Brokers and analysts had predicted the slump would persist through September, when OPEC cutbacks were expected to hit demand.
