Fuel Oil Cargoes Lift Rates News

Asia Tankers-VLCC Rates to Dip Before Fuel Oil Fixtures

Worst over for Aframax market as fuel oil cargoes lift rates. Freight rates for very large crude carriers (VLCCs) could slide further before finding a floor and recovering on a rebound in chartering activity, ship brokers said on Friday. Daily earnings for a VLCC charter from the Middle East to Japan have dropped by around $13,500 since May 11 as charterers held back the release of June cargoes and VLCCs faced competition from smaller Suezmax tankers, brokers said. "Suezmax rates are so low now we see charterers splitting VLCC cargoes," a European supertanker broker said on Friday. Charter rates for a Suezmax tanker, which can carry around 1 million barrels of oil…