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Daily avgs reported by the various Tanker owners

1. GNRT $19.06k
2. EURN $18.875k
3. DHT $17.5k
4. INSW $16.2k
5. FRO $13.2k

FRO has mostly a VLCC fleet with 35% (7 of 20) vessels 15 years or older. FRO mgmt indicated they had longer wait times in q3, which could also explain the lower avgs. The majority of GNRT's VLCC fleet is ECO-type, and GNRT mgmt also provided figures for just the ECO VLCCs, around $20k daily. Both EURN and DHT have opted to fix some of their VLCCs, so their overall VLCC avg is helped by this strategy


1. EURN $15.670k
2. FRO $14.1k
3. TNK $13.426k
4. GNRT $10.6k
5. NAT $10.6k

Like FRO for the VLCC sector, NAT & GNRT get impacted by older vessels. For NAT, 33% of their vessels are older that 15 years. GNRT's Suezmax fleet, though smaller, is probably in a similar shape.

Q3 has traditionally been the weakest quarter among the four in a typical year. Tanker owners lost money in both vessel types. But, depending on strategy, having some vessels on time-charter could have softened the impact- DHT & EURN (VLCCs) and FRO (Suezmax) would have benefitted from such a strategy.
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