- VLCCs, trading in gloom for around $18,000, were booked on subs for up to $241,949 a day.
- Limiting crude production negotiations came to an acrimonious end over the weekend.
- Non-scrubber fitted ships reap higher bids than the ones burning HSFO.
VLCCs reached back to its six-digit territory with Saudi Arabia flooding the markets with oil, taking a huge swathe of ships on subs, reports Sam Chambers for Splash 247.
Oil supremacy fight
VLCCs, trading in gloom for around $18,000, were booked on subs for up to $241,949 a day as Saudi Arabia and Russia fight it out for oil supremacy.
Saudis were willing to pay high for the most prompt tonnage available. Non-scrubber fitted ships reap higher bids than the ones burning HSFO.
Negotiations between Saudi Arabia and Russia over limiting crude production came to an acrimonious end over the weekend.
Mad and unsustainable
In September last year the deals for tankers on subs at the most stratospheric levels failed to materialise.
One veteran London-based shipbroker said, “It’s completely mad. Days like these are unheard of, and the cash put down on the table for these tankers is frankly mad and unsustainable.”
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Source: Splash247
