Royal Flush

April 2011 will be remembered as the month of the Royal Wedding by many, but it has also been an important month for the tanker industry. The past month saw the highest volume of cargo lifted on VLCCs on average over the past two years and more impressively since August 2005, based on reported spot fixture data. The feat is particularly remarkable considering the lingering fears in the market over oil demand destruction and prolonged sluggish global economic growth. However, despite the marked increase in VLCC demand, rates have remained noticeably sluggish. Download here