Brussels-listed tanker owner Euronav estimates average time charter equivalent rates for very large crude carriers (VLCCs) in the Tankers International pool of vessels will be $49,000/day for this year's first quarter, a 92pc rise on the $25,500/day in the fourth quarter of last year. The full year average for VLCCs in the pool was $33,000/day in 2009. The estimate for this quarter is based on 85pc of available spot days already fixed. Euronav has 21 VLCCs and one ultra large crude carrier in the pool, which operates in the spot market.
Most of the company's 19 Suezmax vessels are on long-term charter. The average rate earned by Euronav's Suezmax fleet in the first quarter is put at $31,500/day, against $29,500/day in the fourth quarter of last year and a full-year 2009 level of $31,750/day.
Euronav said earlier this year it was optimistic about trading conditions for 2010 and that this could be the first year since 2003 in which the global tanker fleet contracted.
Oslo-listed tanker owner Frontline last month forecast first-quarter day rates for VLCCs at $48,000/day and $32,500/day for Suezmax vessels, both figures comfortably above its forecast breakeven rates.
Source: Reuters
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