Shipping rates for the very largest ships have seen a robust recovery, particularly for Suezmax ships and very large crude carriers (VLCCs), reported Reuters.
On the back of rising demand from Asian refiners for West African crude oil, an increase in chartering of very large vessels has been felt, which has in turn pushed shipping rates up.
This rapid recovery in rates for ships of this size has come only a matter of weeks after being at their lowest level for more than a year this summer.
Asian refiners and West African crude, specifically Qua Iboe and Forcados, have both come online at roughly the same time, after pipeline disruption in Nigeria, causing the spike in demand to be maintained.
West African crude bound for China, specifically, is set to average 1.1 million barrels per day in October, the highest since April.