VLCC's back in the game?
This week, benchmark VLCC earnings (non-scrubber, non eco) surged to over $40,000/day after spending nearly 20 months with TCEs either negative or below fixed operating costs. TCEs have found support from a combination of lower bunker prices and higher freight rates in contrast to recent months where fuel costs have squeezed returns. So, what factors have led to these higher rates, and can they be sustained in the months ahead?
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