International oil tanker freight rates hit a near six-year high.

According to data consulting research institution Clarkson, as of February 20th, the average daily earnings of VLCC spot market increased by 24% compared to last week, reaching $146,000/day, the highest level since April 2020. Guosheng Securities research report stated that on February 27th, the shipping rate for a 270,000-ton ship from Ras Tanura in the Middle East to Ningbo was $209,352/day, and the shipping rate for a 260,000-ton ship from Malongo/Genoa in West Africa to Ningbo was $224,195/day, all highlighting the strong prosperity of the current VLCC shipping market.