VLCC rates seen holding steady on Asia demand

Singapore

RATES for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering programme for the first 20 days of August, brokers said.

The pause would come after charter rates from the Middle East to Asia jumped last week to their highest levels since Feb 27 after falling last Monday as owners resisted charterers' attempts to push prices lower, brokers said.