Seeking The Spike

Some slight upward rate pressure has been felt in the VLCC market in the early part of this week, however the sustainability of the upward pressure came into question as spot market rates waffled somewhat mid week. With shipowners hoping this could be the spark for a market spike, at this point it seems the position lists are the key to the fate of freight rates. Although there still seems to be ample tonnage for the likely required cargoes, VLCC freight rates have managed to edge higher. Download here