VLCC 5Y Tonnage Now Trades Above Newbuild

AI Summary

The tanker market review indicates that tonnage for VLCCs (Very Large Crude Carriers) is currently trading above newbuild prices. The market is significantly influenced by ongoing disruptions in the Strait, which have persisted for over 60 days.

Our Tanker Market Monitor this week reviews developments at the end of April, focusing on the ongoing disruption in the Strait as the war-driven deadlock continues unresolved for over 60 days. We shift our attention to the Atlantic market, where the US Gulf (USG) basin is sending strong signals of increased oil exports to the ...