Kazakh exports drive the current rate increase
The crude oil tanker market remains robust, with average weighted earnings now reaching $35,000 per day, marking a 14% increase from the previous week and the highest level since June 2024. This rise is supported by positive sentiment for VLCCs, an increase in Kazakh crude exports via the Black Sea benefiting the Suezmax segment, and continued stability in the refined petroleum products market in the East.
The VLGC sector continues its upward trend
The VLGC segment has also seen significant gains, particularly in the East, where earnings on the key Ras Tanura–Chiba route surged by 50% week-on-week. The Western market has also experienced positive developments.
In the car carrier segment, activity remains steady. However, a notable highlight is Wallenius Wilhelmsen securing a $2 billion contract over 10 years to provide logistics and other services to their partners, underscoring the sector's ongoing strength.
Source: Clarksons and Fearnleys Securities