Clean tanker squeeze?

This development is a little interesting.
Typically, a dirty tanker won’t carry refinery cargo unless the tanker is on its maiden voyage. But, the clean tankers being forced to go around-the-Cape for European deliveries is causing a shortage of tanker to carry refined products. So much so, that Suezmax vessels and a VLCC have been “cleaned up” and are now carrying refinery products.

Gibson is a good broker for data on weekly rates on major routes. On can the downward pressure on VLCCs on TD3 remains. The rate is still profitable for many existing VLCC owners. However, it will likely not be profitable for owners of $115M - $135M VLCCs with significant financing.