A Journal survey of 16 tanker owners and data from brokers showed about 100 of the world’s 815 very large crude carriers, each of which can hold around 2 million barrels of crude, were contracted over the 12 days ending Tuesday, helping keep prices for VLCCs at high levels. Robert Hvide Macleod, chief executive of Norway-based Frontline Management AS, one of the world’s biggest tanker owners, said average daily freight rates for VLCCs are hovering at around $150,000, compared with average rates of about $10,000 a day in April 2019. “The world is oversupplied and oil basically only has one place to go when land based is full and that is tankers. (Charter) periods are mainly six months and more,” said Mr. Macleod. Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. SUBSCRIBE On the Baltic […]