A Midsummer’s Night Dream

As in the Shakespearian play where reality seems a dream, VLCC rates this July are the real thing, though seem something pulled from a dream. July rates are the highest they’ve been in any July over the past ten years. A combination of factors is causing this phenomenon not the least of which is tight tonnage supply and a significant increase in oil flowing worldwide. Rates, which in 2002 averaged less than 40 WS for July, and WS 50 in July 2003, are now solidly averaging in the mid-100 WS range.