Securities AS.Charter rates for very large crude carriers, or VLCCs, each able to haul 2 million barrels, on the benchmark Saudi Arabia- to-Japan voyage climbed 0.7 percent to 50.35 Worldscale points, according to the Baltic Exchange in London, Bloomberg reports. That’s the first time the rate has risen above 50 Worldscale points in three weeks.
Six VLCCs were hired from the Middle East Gulf yesterday, analyst Jonas Kraft said in an e-mailed note today. Daily rental income, which varies with changes in fuel costs, fell 12 percent to $2,327 today. Returns have plunged 50 percent since the end of June and 91 percent this year.
The price of global ship fuel, or bunkers, advanced 32 percent this year to $671.08 a metric ton, according to data compiled by Bloomberg from 25 ports worldwide.
Worldscale points are a percentage of a nominal rate, or flat rate, for more than 320,000 specific routes. Flat rates for every voyage, quoted in U.S. dollars a ton, are revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates.
The Baltic Dirty Tanker Index, an overall measure of shipping crude that includes vessels smaller than VLCCs, declined 0.7 percent to 738 points, according to the exchange.
Six VLCCs were hired from the Middle East Gulf yesterday, analyst Jonas Kraft said in an e-mailed note today. Daily rental income, which varies with changes in fuel costs, fell 12 percent to $2,327 today. Returns have plunged 50 percent since the end of June and 91 percent this year.
The price of global ship fuel, or bunkers, advanced 32 percent this year to $671.08 a metric ton, according to data compiled by Bloomberg from 25 ports worldwide.
Worldscale points are a percentage of a nominal rate, or flat rate, for more than 320,000 specific routes. Flat rates for every voyage, quoted in U.S. dollars a ton, are revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates.
The Baltic Dirty Tanker Index, an overall measure of shipping crude that includes vessels smaller than VLCCs, declined 0.7 percent to 738 points, according to the exchange.