Oil Tanker Rates Skyrocket 467%

The supertanker market has tightened this year as crude supply from OPEC+ and the Americas rises and vessels make increasingly longer trips. So much has the market tightened that several new-built very large crude carriers (VLCC) have made empty maiden voyages from yards in Asia to pick supply from producing countries in the Middle East, the Americas, and Africa, instead of loading fuels made in Asia on their first journey.  As many as six VLCC, or supertankers as they are commonly known, have traveled this year empty on their maiden voyages,…