VLCC rates could climb higher after hitting nine-month high

Singapore

RATES for very large crude carriers (VLCCs) on key Asian routes could nudge higher amid a flurry of new cargoes and tighter tonnage supply that have propelled rates to their highest in nine months, brokers said on Friday.

Freight rates from the Middle East to Japan gained more than 13 points on the Worldscale measure in the past week, equivalent to an increase in earnings of almost US$22,000 per day, according to Reuters freight data.