VIE interviews McQuilling Services

War-driven inefficiencies, sanctions, and Sinocor's fleet dominance are pushing VLCC asset values and rates to extreme, possibly unsustainable highs.

• Strait of Hormuz flows persist: McQuilling estimates ~9-10M bpd still transiting Hormuz on a 7-day rolling average despite the 'closure,' with 1-1.5M bpd of refined products moving via ship-to-ship transfers.
• Asset values decoupling from freight: A $30/bbl Iraqi discount can justify $60M extra value per VLCC cargo; a 4-vessel VLCC en bloc deal this week priced at $250M/vessel, up $50M in a week.

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