West of Suez VLCC rates near 16-month lows amid weak fundamentals

Freight rates for the West of Suez Very Large Crude Carrier market have fallen significantly since the end of August, with market sources pointing to low inquiry levels, OPEC+ oil production cuts until the end of 2023, uncertainty over China’s economic prospects, weakness in adjacent markets and a lengthy tonnage list. Platts, part of S&P Global Commodity Insights, assessed freight…Freight rates for the West of Suez Very Large Crude Carrier market have fallen significantly since the end of August, with market sources pointing to low inquiry levels, OPEC+ oil production cuts until the end of 2023, uncertainty over China’s economic prospects, weakness in adjacent markets and a lengthy tonnage list. Platts, part of S&P Global Commodity Insights, assessed freight…  Read More