Nsea News

Slow Start for Tanker Rates in New Year

A super year for the VLCCs behind us which ended at earnings Meg/East close to $100k/day, says Fearnleys Week. The new year has started somewhat slower and rates ex Meg are off the peaks, but earnings remain very healthy. Continued interest for period is keeping the momentum going and rates ex Meg seem to withstand charterers fierce attempts to shave further off the rates. Close to two thirds of the January program covered so far in the Meg and further direction dependent on what is left before the BOT Feb stems are available only in a week or so. Wafr/East continues steady with dates well into Feb being traded and rates stable. Increased activity Caribbean/East with rates firming is absorbing tonnage available in the area.