VLCC rates continue their upward momentum as charterers rush for early March tonnage in the Middle East Gulf (MEG), following a delayed Saudi program release.
- MEG to East fixtures have reached WS 67.5, with WS 70 now within reach.
- Atlantic market activity remains strong, driven by volumes from West Africa, Brazil, and the US Gulf.
Suezmax Market Sentiment
- A 39-stem CPC program has tightened tonnage availability, pushing rates higher.
- Black Sea instability due to drone strikes and geopolitical risks has forced charterers to seek alternative routes.
- West Africa programs eroded by VLCC dominance, while US Gulf volumes remain limited.
Aframax Market Conditions
- North Sea rates remain steady despite a firming US market.
- Weather delays in the Atlantic could impact schedules.
- Mediterranean rates softened as multiple owners competed for available positions.
- Suezmax demand in the Black Sea is squeezing Aframax opportunities.
The market outlook suggests continued rate volatility as charterers assess supply constraints and geopolitical risks heading into March.
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Source: Fearnleys
