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VLCC and suezmax markets suffer

VLCC and suezmax markets suffer
The spot suezmax markets, like the VLCC sector, are suffering from tonnage over-supply.

The spot suezmax markets, like the VLCC sector, are suffering from tonnage over-supply.

The spot suezmax markets, like the VLCC sector, are suffering from tonnage over-supply.

Charterers have been feeding their requirements to the markets in 'slow-release mode' and that there is more than enough tonnage currently available.

Brokers say suezmax earnings have hit 10-year lows of $19,000 per day per vessel for the Atlantic market and $14,000 per day per vessel for a Mediterranean voyage.

Bassøe reported last Friday that the benchmark Bonny-Philadelphia and Novorossiysk-Augusta routes both sunk further to WS 55 and WS 60 respectively.

Earnings were pegged at $21,211 and $23,173 respectively.

Owners are apparently unwilling to go any lower on rates in those markets.

One broker was in fact quoted saying that ?there was more activity and we have hit bottom. Availability in West Africa is looking a little tighter, so rates should not come off much more.?

Vessel over-supply was building up on the 'twin effects' of OPEC export reductions and declining demand, with no real positive factor in sight to 'mop up' the excess tonnage.

Full compliance with OPEC's 4.2 million bpd supply cut to the markets effectively puts more than four suezmaxes out of a job every day.

Owners' earnings have in the past two weeks also taken further beatings at the hands of rising bunker prices.

Bunker prices, which had weakened since the start of the global recession, have been firming.

www.TurkishMaritime.com.tr

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