The “year of the tanker” appears to be fitting for 2015, as whenever the market attempts a slight correction, it doesn’t take long before it bounces back. This has been the case over the course of the past week, as the VLCC market exhibited strong gains on all key regions, as according to shipbroker Charles R. Weber it has been “drawing heavily on available positions, the replenishment of which have been limited by ullage delays in Asia, and prompting substantial rate gains. The gains collectively pushed average earnings to ~$100,567/day – its highest level since 2008. Demand in the Middle East market rose 9% w/w to 36 fixtures and demand in the West Africa market surged 60% w/w to 8 fixtures”, said CR Weber.
The shipbroker noted in its latest weekly report that “collectively, the two markets – which largely draw from the same pool of positions (Far East ballasters) – gained 16% to a total of 44 fixtures, the highest since early July. Demand for voyages to China accounted for most of the gains; 26 China‐bound fixtures were recorded this week from all loading areas. On a one‐week basis, the China‐bound tally represents a record high while on a four‐week moving average basis the figure stands at a YTD high. The China demand surge follows a lull last week and came ahead of China’s National Day holiday which extends from October 1‐7. Coming amid growing concerns about the macroeconomic implications of China’s economy and ahead of a public holiday, the tally has raised some concerns that a pullback will follow next week and thus lead to a correcting of rates during the upcoming week”.
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