The tension in the Bab-el-Mandep continues to drive tanker owners to utilise the longer route via the Cape of Good Hope to transport oil from the Middle East to Europe.
Our VLCC fixture data shows that the usual preferred route for the VLCC segment is via the Suez Canal, but since December almost all VLCCs have travelled the longer distance via the Cape. This of course adds to vessel demand as the longer distance adds around 15 days to each voyage.
Source: Tankers International VLCC Database
