VLCC rates could see pre-Chinese New Year spike: ship brokers

Singapore

FREIGHT rates in Asian trades for very large crude carriers (VLCCs), which are close to three-month lows, could rebound this week on tighter tonnage supply and buoyant chartering volumes ahead of the Chinese New Year holiday, ship brokers said.

That came as VLCC freight rates from the Middle East and West Africa to Asia started to level off after dropping to the lowest level since Oct 30 on Thursday, Reuters freight data showed. "(This) week we could see a pre-Chinese New Year spike," said a Singapore-based VLCC ship broker.