Up 53 percent since COSCO sanctions, freight rates for US Gulf Coast-loading VLCCs spiked 24 percent on Friday.
The rate of taking the 270,000 mt Very Large Crude Carriers (VLCC) on the USGC-China route was assessed at lump sum $13 million (up 24 percent). To make the long-haul voyCage east late Thursday, a number of charterers looked for a VLCC.
Following the spike in freight rates, US crude exports are not expected to slow. Asian-crude buyers prevented by global firmness from purchasing in other regions. To keep the flow of crude moving out of the USGC, the market is expected to adjust to the higher freight costs.
Ahead of the COSCO sanctions, the VLCC market has seen a number of supply-draining events.
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