September has been regarded as the month of rising activity and rate levels. It looked inspiring for VLCC owners as the month progressed, but as September rapidly comes to an end so seems the upturn in VLCC rates. The flip side of the coin for this month has been the Suezmax and Aframax market that suffered drastically under an imbalance between supply and demand. This sent rates to a surprisingly low level that fortunately flattened out and firmed up towards the end of the month. But still, the average levels for Suezmax/Aframax for this month have been disappointingly low.
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