Tradewinds: Tanker Race Ahead

“’The next stop could be upward pressure on time-charter rates and asset prices,’ New York-based Poten & Partners said in its weekly market report. “Better get them while they are cold!”  The outfit says that over the next 30 days, 90 Arabian Gulf cargoes will have to duke it out for just 50 VLCCs.  Such a situation could continue a rally that has been fuelled by cold snaps across Asia, Europe and the United States.  As a result, VLCCs have been earning an average of $86,900 per day for the first few weeks of 2010, far better than last year’s average rate of $25,840 per day.  Poten & Partners’ near-term bullishness comes in contrast to a survey released earlier Tuesday by Moore Stephens, which found that four of five major tanker charterers project a fall in rates over the next 12 months, as TradeWinds reported.”