Tanker Rates Moved to Higher Ground Last Month
The tanker market reached a higher ground during February. According to OPEC’s latest monthly report, “dirty freight rates improved in February, with m-o-m gains in VLCCs and Suezmaxes outpacing declines in Aframaxes. VLCCs picked up from a low base, as renewed demand for long-haul vessels strengthened rates. On the Middle East-to-East route, dirty spot freight rates rose 22% m-o-m. Gains in Suezmax spot freight rates earned back some of the previous month’s losses, with rates on the US Gulf Coast-to-Europe route up 18% from the previous month. By contrast, Aframax ...
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