After a period of steady decline, the VLCC market suddenly metamorphosed Thursday last week. A large number of ships had been quietly picked off under the radar and then Bahri swooped in and fixed half a dozen ships in one go. As a result, every other charterer with uncovered enquiries then toppled in one on top of the other, and MEG/East rates jumped 10 WS points in the space of a handful of fixtures, reports Fearnpulse.
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