RED-HOT TANKER MARKETS
October was a fabulous month for shipping stocks. Our broad market index rose by 9.3% to 1,063.4 index points. The tanker markets even gained more than 18% in just one month. This was underpinned by a sudden and large increase in spot markets. Brokers reported that some voyages were settled above USD 300k per day for VLCCs.
However, the spot market is fast-paced and volatile. At the time of writing this report, spot rates have dropped, again.