Suezmax Rates Surging

With tanker rates across all sectors currently at levels well above long-term averages, it is impressive to note the rally in Suezmax rates over the past three months. Suezmax owners’ earnings have surged by more than 350% on average worldwide since the beginning of September. Charterers are currently paying $3.92 per barrel (WS245), as opposed to $1.84 (WS115) in early September for a Suezmax cargo West Africa-U.S. Gulf, and $1.61 per barrel (WS240) for an intra- Med cargo, versus $0.77 per barrel (WS108) at the beginning of September.