Feb. 26 at 12:46 AM
$FRO $ECO $DHT higher, highs ... why?
The market is currently being squeezed by two massive entities:
Bahri’s Chartering Surge: Saudi Arabia’s state shipper has provisionally booked at least 5 VLCCs at rates above
$200,000/day. This is a strategic move to ensure Saudi crude reaches Asia (India/China) as their March loading program expands by nearly 20% (to ~57M barrels).
Sinokor’s Buying Spree: Sinokor Merchant Marine now controls an estimated 24% of the global compliant spot fleet. Their acquisition of the Trikwong Venture (2012-built) for
$70M (Feb 13) and their ongoing withholding of tonnage are the primary reasons rates are "gapping" by
$10K+ in a single day.
Navios (NMM) Verification: Confirmed. Navios has ordered 4 VLCCs at
$120M each. These are "eco-vessels" with scrubbers, set for delivery starting in late 2026.
This verifies that major owners believe these high rates are a multi-year phenomenon, not a one-week spike.