Tanker Rates Surge

Source: Marinelink

The freight rate for VLCCs has reportedly more than doubled from an average of $59,652 per day last month to $129,052 on May 15, according to a report on www.business-standard.com.

The rate for Suexmax vessels has jumped by 53% from $52,866 to $81,073 and that of Aframax vessels by 40% from $31,060 to $43,528 during the period.

To capitalise on high freight rates, Indian shipping lines like Shipping Corporation of India, Great Eastern Shipping and Mercator Lines are planning to expand their fleet size.

Shipping Corporation of India is planning to invest around Rs 350 crore in the next two years to acquire new vessels while Great Eastern Shipping is expected to commit a capital of nearly Rs 4,900 crore to expand its fleet size.

(Source: www.business-standard.com)