VLCC spot looking to have a big jump today. FFAs up over 10% $FRO $NAT $TEN $TRMD $BWET $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/Bj8al4UiiJ
The VLCC spot index should see a massive jump today based on numbers being circulated.
Aframax and Suezmax FFAs also jumping @freightinvestor $FRO $NAT $TEN $TRMD $BWET $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/Luneu1fMAC
Shares of tanker shipping companies surged amid heightened geopolitical tensions in the Middle East, triggered by evacuations at the U.S. embassy. The rally began in the U.S. markets and extended to Europe, with leading gains seen in companies such as Trident Midstream (TRMD), Frontline (FRO), Hafnia (HAFNI), and BW LPG (BWLPG). TRMD led the European market with a 3.7% increase, while Hafnia and Frontline followed with gains of 2.5% and 2%, respectively. By June 13, tanker stocks in Europe were up between 6% and 9%, with BW LPG rising 6%. Forward freight agreements (FFAs) for very large crude carriers (VLCC), Aframax, and Suezmax tankers also experienced strong increases, with VLCC FFAs rising over 10%. The VLCC spot index is expected to see a substantial jump, supported by reports that Iran’s exports account for 8% of the very large gas carrier (VLGC) market, where spot rates have consistently exceeded $50,000 per day. These developments underscore the tanker sector's sensitivity to geopolitical risk and its role as a market indicator during regional tensions.
