Crude oil freight rates from most major exporting centres were mixed over the week, but rates from the Middle East Gulf to the east and Europe rose sharply. Very Large Crude Carrier (VLCC) rates on the benchmark Gulf to Japan and Gulf to Singapore routes rose around 20 Worldscale points to W145.50 and W142 respectively.
VLCC routes to Europe were also stronger up $21 points at W116 while rates to the US Gulf rose seven points to W99.5. Brokers said freight rates from the Gulf were stoked up on robust oil demand as freight and petroleum markets move deeper into the seasonally stronger third quarter.
In West Africa, VLCC and suezmax routes to the United States were slightly weaker despite a flurry of transatantic trade this week, with VLCCs to the US Gulf off eight points at W115.