Scrubber-equipped vessels have been able to generate higher returns due to rising oil/bunker prices, with VLCCs benefitting the most due to the long-haul nature of their trade. The spread between HSFO and VLSFO increased from an average of 50-70$/tonne range in June 2020 to an average of 110-120$/tonne in June 2021. For scrubber equipped VLCC tonnage this means that the earnings premium on TD3C nearly doubled from $4,000/day to $7,000/day over the period, even though absolute freight/TCE levels were much higher in 1H 2020 compared to 1H 2021.
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Source: CapitalLinkShipping
