During China's Golden Week holiday, oil tanker rates surged across the board, with VLCC spot rates hitting multi-year highs and one-year time charter rates jumping to ~$270k/day. Brokers are extremely bullish on the oil shipping sector, citing tight vessel supply and geopolitical tensions.
Oil shipping is entering a super cycle with rates set to stay high, benefiting key Chinese players; brokers see at least double-digit upside.
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