MSI cites a number of factors driving the large tanker sector including a build up of floating storage and Sinokor’s aggressive moves to acquire and control VLCC tonnage, which has been estimated to control 24% of the spot trading fleet. “Sinokor is reportedly already withholding its VLCC tonnage in order to push rates up further.” The squeeze on the market is exacerbated by the proportion of the VLCC fleet that is either sanctioned or part of the dark fleet. Read more at Seatrade.
Red hot VLCC market hits new highs amid US – Iran tensions
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