Freight rates for Very Large Crude Carrier (VLCC) voyages from West Africa have dropped to near late October levels due to factors such as ample tonnage lists, reduced Persian Gulf exports, and a seasonal slowdown during the Christmas holidays. Platts reported a decrease in rates on the WAF-Far East route, attributing the decline to lower export volumes from the Persian Gulf and reduced activity. Despite a recovery in October driven by European demand for winter oil stocks, firming Persian Gulf, and US Gulf markets, VLCC rates have faced challenges following a drop in the WAF-UK/Continent Suezmax market in November. Market participants express mixed views on the 2024 outlook, anticipating steadiness but highlighting uncertainties related to macroeconomic variables and geopolitical factors.

SOURCE:GOOGLE