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Sunday, 04/12/2015 1:05:41 AM

Sunday, April 12, 2015 1:05:41 AM

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Asia VLCC rates at more than 2-month high on supply squeeze, strong demand
Singapore (Platts)--10Apr2015/454 am EDT/854 GMT

Worldscale rates for VLCCs are at the highest in more than two months on tight supply due to delays in Basrah and North Asia and rising demand amid the postponement of refinery maintenance shutdowns, market participants said Friday, April 10.

The number of cargoes is turning out to be much higher than expected in April, providing a sudden uptick in demand, they said.

Until a few days ago the rates were struggling to stay above w50 but have since rebounded sharply.

At least two VLCC fixtures were finalized overnight by Thai Oil for Persian Gulf loading later this month at w65, a level not seen since end January, brokers said.http://www.platts.com/latest-news/shipping/singapore/asia-vlcc-rates-at-more-than-2-month-high-on-27297050
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