Predicting tanker rates has always been part science, part art, part wild guess. This year calls for even more artistry and wild guessing than usual.
Rates for very large crude carriers (VLCCs, tankers that carry 2 million barrels of crude oil) currently average $32,800 per day, up 130% year-on-year, according to Clarksons Platou Securities data. VLCC rates are averaging more than 3.5 times higher year-to-date than during the same period last year.
But where do they go next? On one hand, more...
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