Volatile tanker market sees rates go ‘completely bonkers’

Volatility in the surging tanker sector makes it hard to assess just how high rates can go as they hit levels not seen for 18 years, according to analysts.

VLCC spot market rates have been boosted by the decision by Opec+ countries to cut production, creating a rush for crude supplies to fill reserves, said Maritime Strategies International (MSI) in a monthly report.

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