INSW - VLCC rates sink to record lows as tanker markets in 'shambles'

Rates for Very Large Crude Carriers on the Baltic Exchange's benchmark TD3 time charter equivalent route have plunged to record depths this week, in a market described as a "shambles" by Evercore analysts, Splash247.com reports. "The ongoing delays in a sustainable uplift continues to keep most investors disinterested in the sector," Evercore said. VLCC doldrums can be attributed to a combination of owners lacking the fight, as sentiment remains as low as it can get, coupled with the abundance of relets, according to Norwegian broker Fearnleys. Shipping analyst J Mintzmyer told Splash247.com that the enormous amount of VLCCs hitting the water this year will need to see demolitions of at least 50 VLCC equivalents to result in anything resembling a market balance. Euronav warned of a possible return to COVID-19 restrictions and high oil prices affecting a consumption recovery as potential hurdles that make it tough for tanker owners to

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VLCC rates sink to record lows as tanker markets in 'shambles'