VLCC rates weaken as vessel surplus takes a toll – The brief spike in VLCC spot rates around mid-June proved unstainable and, as widely expected, the first week of July pushed spot rates lower in the Middle East to China route along with the West Africa to China route.

Sunday’s Update

Dull days usually translate to lower rates as fleet efficiencies prevail – Despite the fact that trade volumes remain strong when it comes to major bulks, the absence of any disruption across the major shipping lanes has translated to lower spot freight rates across the spectrum.