Asian VLCC rates to stay steady this week

[SINGAPORE] Rates for very large crude carriers (VLCCs) on key Asian freight routes could remain steady or nudge higher this week as charterers fix their remaining cargoes for September, brokers said last Friday.

"Rates are going sideways. We've seen some charters this week but there are a lot of vessels available," said one Singapore VLCC broker.

A public holiday in China on Monday is expected to dampen activity early this week, according to another Singapore-based VLCC broker.

But with rates for a Middle East- to-Japan voyage falling 13 points on the Worldscale measure from Aug 15 to Sept 1, charterers were expected to take advantage of the lower rates, re-enter the market and push rates slightly higher, the secon…