Supertanker shipping rates may rise in the second half of this year as stronger oil demand boosts shipments, analysts at Jefferies & Co. said. Rates for very-large crude carriers, or VLCCs, will average US$40,000 a day in the third quarter and US$55,000 in the fourth, up from an estimated US$36,000 this quarter, analysts led by Douglas Mavrinac said today.
“With the global economy continuing to recover, global oil demand continues to improve and is expected to improve further with global oil demand,” the analysts said in a report to clients.
“Our forecast is based on virtually zero oil demand growth” in the U.S. and other members of the Organization of Economic Cooperation and Development, they said. The forecast may move higher should OECD oil demand begin to pick up.
VLCC rates rose 1.3 percent to US$43,130 a day on April 9, according to the London-based Baltic Exchange. The rates averaged US$36,620 a day in the first quarter and US$37,270 a day so far this quarter.
Global oil demand is expected to rise 1.8 percent to 86.6 million barrels a day in 2010 from last year, according to the International Energy Agency.
VLCCs, which are primarily used to move crude oil on long-distance voyages such as from the Middle East to Japan, can haul 2 million-barrel cargoes.
“With the global economy continuing to recover, global oil demand continues to improve and is expected to improve further with global oil demand,” the analysts said in a report to clients.
“Our forecast is based on virtually zero oil demand growth” in the U.S. and other members of the Organization of Economic Cooperation and Development, they said. The forecast may move higher should OECD oil demand begin to pick up.
VLCC rates rose 1.3 percent to US$43,130 a day on April 9, according to the London-based Baltic Exchange. The rates averaged US$36,620 a day in the first quarter and US$37,270 a day so far this quarter.
Global oil demand is expected to rise 1.8 percent to 86.6 million barrels a day in 2010 from last year, according to the International Energy Agency.
VLCCs, which are primarily used to move crude oil on long-distance voyages such as from the Middle East to Japan, can haul 2 million-barrel cargoes.