1. Many people have DM’ed me about my Substack + the private X account since last night’s podcast. While the Substack = long-form articles, the private X account has proven incredibly important this week. e.g. Yesterday, I shared new VLCC fixtures most people aren’t seeing:

✍🏻

2010 built Suezmax (Chinese) reported sold for $96M Didn’t Cult Co™ ☦️ buy newbuilds for $97M each, just in January?

IYKYK

♦ TD6 WS 1,100 reported

Me reading hot takes by US macro loudmouths about the French budget / politics

Offshore, today:

Time to chase. 🏃🏻‍♂️

🫡

Tanker HODLers:

2021-built VLCC “GRAND AMBITION” (Scrubber fitted, 300,000 dwt, IMO # 9909807) reported chartered out to Trafigura for 3 years at $100,000/day.

Can’t stop thinking about this. via Arctic Securities

♦ LNG Carrier “LNG KANO” (built 2007, 148,300 m³ capacity, steam-turbine engine, IMO # 9311567) reported sold for demolition to an Indian yard for $530/LDT. She is on her way to Alang.

“VLCC rates have reached unprecedented levels and are now at $1.3 million per day (43 times the January number). This is equivalent to almost $33/barrel, or 27% of the delivered cost of crude oil.”

The only problem is that you can’t buy more on weekends.

It’s fun to read weekly shipping reports published on Fridays that are already waaaaaay out of date. Example: one calls TD6 at WS 634, whereas WS 900 was done and next will probably be 4-digits.

“Suezmax are now earning close to $500,000pd on a round voyage basis. Next done time charters are going to go higher, by quite a lot. 12 month deals were assessed at ~$155,000pd last week. Now we think they will need closer to $200,000pd if they want a prompt ship.”

Guyana WS 1,000 done 🫡

Suezmax built in China in 2011 reported sold for $94.5M