No Longer a Benchmark?
Spot VLCC earnings were in the negative territory for most of last year, with TD3C averaging minus $250/day on a slowsteaming, non-scrubber, non eco basis. So far this year, returns have been equally disappointing. Despite typical seasonal support offered to the market during the 1st quarter and the fact that Middle East (excl. Iran) crude exports, the principal market for VLCCs, averaged between January and March 2022 2.3 mbd above levels seen over the same period in 2021, spot earnings remained negative. Only in April, average VLCC returns managed to “climb up” to zero, whilst Suezmaxes and Aframax enjoyed much healthier results due to a spike in rates.
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