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Asia VLCC rates to hold steady after hitting new 5-year high

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 115 per cent to US$1,232 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed.


FREIGHT rates in Asian trades for very large crude carriers (VLCCs) are likely to remain firm as vessel supply and charter volumes stay evenly matched, ship brokers said on Friday.

They have seen daily earnings soar by between US$37,500 and US$42,000 in the last week.