Large Crude Carriers See 3-Month High Day Rates on Red Sea Attacks

Rates for very large crude carriers (VLCCs) transporting oil from the Middle East to China have risen to a three-month high of $66,600 per day as insurance costs spike amid the Houthi attacks on Red Sea vessels.  In the fourth-quarter of last year, rates for VLCCs, which carry around 2 million barrels of oil, were averaging around $21,000 per day, according to Freight Waves, citing data from Clarksons. In the third-quarter of last year, day rates averaged $8,700. For March, Bank of America says it expects VLCC day rates to maintain an…