Charter rates surge for VLCCs
Change
Very-large crude carrier (VLCC) charter rates rose to nearly $137,000 per day, reaching a five-year high.
Why it matters
US sanctions on Rosneft PJSC and Lukoil PJSC took effect last Friday. Benchmark VLCC rates climbed to nearly $137,000 per day while a wider VLCC index reached about $116,400 per day, both five‑year highs. Charterers booked a wave of VLCCs for late‑November and December loadings. Aframax and Suezmax rates also rose as some cargoes were shifted to smaller vessels.
Implications
- • Higher freight costs for VLCC voyages increase transport expenses for large crude shipments.
- • Forward bookings constrain VLCC availability for late‑November and December loadings.
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