July is finished; at any rate, business for VLCCs in the MEG for July loading dates is finished. Rates for single-hull VLCCs Gulf/East continued to strengthen, have now reached Worldscale 90 and are still firming. Rates for double-hull tonnage, although less active, are also hardening. A newbuilding has been fixed to South Korea at W93, giving 17/19 August dates. This indicates that some charterers wish to ensure that their cargoes are covered well in advance and suggests that those closely involved in the market expect this firm trend to continue until the autumn. The Gulf/West cargoes have been concluded at about W65. Just as brokers were suggesting that before long W70 and above will have to be paid, Irving paid W70 for a vessel for Canada discharge.
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