Lloyd’s List: Vessel Influx Drives Down Rates for West Africa VLCCs

“VLCCs also ship cargoes from West Africa east of the Suez Canal to discharge ports in Asia — a route that has seen the number of fixtures increase significantly in proportion to the traditional Middle East Gulf to US Gulf route, according to Poten & Partners. “Owners tend to ship cargoes from the Middle East Gulf to the US Gulf, where rates are much lower, then ballast to West Africa to load cargoes for a more profitable voyage to Asia, said Poten & Partners in a tanker report dated April 1.”