Lloyd’s List: Has the VLCC Recovery Arrived?

“‘The recent market improvements have spurred a renewed optimism among shipowners,’ said a recent report from US-based Poten & Partners. However, there is some way to go before sustained improvement is seen in the VLCC market, despite recent encouragement from rising asset prices and rates. Many expect the market to struggle immediately after this latest spike, followed by gradual improvement over the next three years. As Poten warns: ‘A substantial and sustainable recovery in rates will take more time and will require further removals from the fleet and moderated delivery rates.'”