VLCC owners cashing in as China stocking up on oil

VLCCs are revelling in rising Chinese oil demand.

Rates for the largest crude rose again on Tuesday, with Clarksons fleet weighted average hitting $59,700 per day, up 1.4% day on day and over 9% from last week.

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Market observers said the move was down to China stocking up on cheap oil to meet rising demand, boosting rates in the typically weak middle quarters.