Tanker Rate Swings

19 Oct 2018; 

VLCC rates on the benchmark TD3c (Ras Tanura – Ningbo) averaged around $16,500 per day during September.  Rates for the week ending September 28, were $18,825/day.  One week later, rates jumped to more than $40,000/day.  Since then, VLCC rates have been maintained at these levels, while Suezmax and Aframax rates have followed VLCC rates in their upward trajectory about a week later.  What caused this sudden spike in rates and will it be sustainable?

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