VLCC Tankship Hires at 6-Year High

Bookings of the largest oil tankers jumped to the highest for the time of year since at least 2007 as demand for crude cargoes accelerates before a surge in oil refining projected by the International Energy Agency. reports Bloomberg.

According to Bloomberg, who cite Marex Spectron Group, a London-based commodities and freight-derivatives broker. There are still more charters to arrange and it’s the second consecutive month when bookings have been at the highest for the period in Marex data starting in January 2007. The vessels each carry 2 million barrels.

The rates increase is helping owners to contend with VLCC earnings that averaged $6,838 a day this year, the lowest since at least 1997, according to data sourced by Bloomberg from Clarkson Plc (CKN) , the world’s largest shipbroker.

Source: Bloomberg