VLCC

摘要

1. We expect freight rates to remain strong in the VLCC market in 4Q19as tonnage utilisation will rise on the back of firm demand and slowfleet growth. Although rates are unlikely to sustain all the gains afterUS sanctions on Cosco subsidiaries for long, overall rates will still beattractive driven by strong demand and additional refinery runs aheadof IMO 2020 regulation. Sluggish fleet growth and the contractionin vessel supply due to scrubber-retrofitting will also support freightrates.