DB-Weekly Voyage Large Crude Tanker Rates Up WW；India Purchasing Russian Crude-20250825

Last week, both VLCC and Suezmax crude tanker spot TCE rates were up w/w, withaverage VLCC rates up 29% to close to $50,000/day and Suezmax rates up 15% to~$60,000/day. It was reported that Indian companies will continue to purchase oilwhere they can get the best pricing to protect the Indian national interest, meaningthat it is highly likely that India will continue to source Russian crude despite tariffthreats by the US on Indian goods. Meanwhile, it was also reported that China iscurrently building crude inventories, which should help support tanker demand.