There are 12 percent more very large crude carriers available over the next 30 days than probable cargoes, according to the median in a Bloomberg News survey of four shipbrokers and two owners today. That’s down from 19 percent last week and the smallest excess since Nov. 27. Each of the tankers can hold 2 million barrels of oil.
Charter costs for VLCCs hauling Middle East crude may rise to 45 Worldscale points by the end of today, Odysseas Valatsas, chartering manager Dynacom Tankers Management Ltd., an Athens-based operator of the vessels, said by e-mail today. Rates gained 2.4 percent to 39.25 points last week, according to the Baltic Exchange, a London-based publisher of shipping prices for commodities.
“Rates could move higher if activity is maintained,” Oslo-based investment bank RS Platou Markets AS said in an e-mailed report yesterday.
VLCCs were earning $11,861 daily as of May 24 on the industry’s benchmark Saudi Arabia-to-Japan voyage, according to the exchange. Its earnings assessments don’t take account of speed cuts aimed at boosting returns by lowering fuel usage.
The VLCC fleet’s carrying capacity will expand 5.1 percent this year, near demand growth of 5 percent, according to Clarkson Plc (CKN), the world’s largest shipbroker.