VLCCs enjoy the most impressive summer rally on record

The VLCC earnings climb since June has been christened the most impressive summer rally in the sector on record by Castor Analytics in the US. From early June until the middle of August, time charter equivalents (TCEs) for non-eco tonnage rose by $65,000 per day, finally dragging the sector out of its loss-making habits, which had been impossible to shrug off throughout the first half of the year. Non-scrubber VLCCs are now earning more than $40,000 a day, a remarkable, unseasonal turnaround.

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