Tankers: VLCCs on the Rise

AI Summary

The TC1 MEG/Japan tanker freight rate index increased significantly, reflecting stronger sentiment and demand in the East shipping market. Rates for clean LR2 tankers and Baltic round-trip voyages also rose, indicating a market upswing in tanker shipping for crude and refined products.

Clean LR2 The TC1 75kt MEG/Japan index strengthened this week, climbing 24.45 points to WS536.67 as sentiment improved in the East. A voyage west also firmed, with the TC20 90kt MEG/UK-Continent index increasing by $462,500 to $9.43 million. In Europe, the TC15 80kt Mediterranean/East index gained $250,000 to $5.59 million, with the corresponding Baltic round-trip ...