The global benchmark index for very large crude carriers (VLCC) has surged more than 15 per cent this week on strong demand for Middle East crude from China and Japan, shipbrokers said on Thursday. The world's benchmark VLCC export route from the Middle East Gulf to Japan rose to a two-month high of W51.53 or US$10,653 a day on Wednesday, up from W44.50 or US$3,155 a day on Friday.
The market has rebounded from a 12-month low of W44, or US$1,661 a day, reached earlier this month because of an oversupply of unchartered tankers.
'Finally, VLCC owners managed to convert the recent steady demand for VLCCs into cold cash,' said broker firm Fearnleys in its weekly report.
'The tonnage list is now far more balanced than what we have seen in the last few months.'
China has purchased nine VLCCs so far this week, while Japan has taken five. Each VLCC can carry as much as two million barrels.
Asian refiners have booked a total of 35 VLCCs of Middle East crude to load in November, up from 29 during the same period last month, according to shipbrokers Meiwa International.
China, the world's No 2 energy consumer, imported a record 5.67 million barrels per day in September on a surge in domestic fuel use and increased stockpiling by domestic energy companies.
The market has rebounded from a 12-month low of W44, or US$1,661 a day, reached earlier this month because of an oversupply of unchartered tankers.
'Finally, VLCC owners managed to convert the recent steady demand for VLCCs into cold cash,' said broker firm Fearnleys in its weekly report.
'The tonnage list is now far more balanced than what we have seen in the last few months.'
China has purchased nine VLCCs so far this week, while Japan has taken five. Each VLCC can carry as much as two million barrels.
Asian refiners have booked a total of 35 VLCCs of Middle East crude to load in November, up from 29 during the same period last month, according to shipbrokers Meiwa International.
China, the world's No 2 energy consumer, imported a record 5.67 million barrels per day in September on a surge in domestic fuel use and increased stockpiling by domestic energy companies.