VLCC freight rates at mid-Sept low as virus hits Chinese oil demand

Freight rates for very large crude carriers on the key Mideast Gulf and U.S. Gulf to Asia routes have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese demand

A view of Hin Leong's Pu Tuo San VLCC supertanker in the waters off Jurong Island in Singapore

London - Freight rates for very large crude carriers (VLCC) on the key Mideast Gulf and U.S. Gulf to Asia routes have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese demand, according to ship brokers.

“The market has gone back to what it was before the COSCO sanctions came in,” a ship broker said referring to U.S. sanctions on subsidiaries on the state-owned Chinese shipping firm. 
 
 
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