VLCC Daily Earnings Fall to USD313,140, Down 39% in Two Days 　VLCC用船料31.3万ドル、2日で39％急落

Ceasefire Hopes Shrink Risk Premium as WS410 Fixture Fails

停戦期待でリスクプレミアム縮小、WS410は不成立

　VLCC (Very Large Crude Carrier) spot earnings fell sharply amid growing expectations of a ceasefire around the Strait of Hormuz. Daily earnings on the Middle East Gulf-China route (TD3C), measured on a Time Charter Equivalent (TCE) basis, declined to USD313,140 as of 25 June, representing a 39% fall over two days.

　Meanwhile, despite the announcement of a ceasefire framework, the container ship Ever Lovely came under attack in the Strait of Hormuz, leaving the market wary of a renewed escalation in geopolitical risk.

■The full article covers the following topics (approximately 2,000 words)

→ A detailed analysis of the factors behind the 39% decline in TD3C Time Charter Equivalent (TCE) earnings over two days

→ Why the widely discussed WS410 fixture failed to materialise and why negotiations resumed at WS310

→ How the attack on the container ship Ever Lovely affected the security situation in the Strait of Hormuz and the VLCC market

→ An assessment of the decline in the geopolitical risk premium driven by ceasefire expectations, together with the remaining upside risks

→ An examination of the factors behind the recent market volatility and the key issues likely to shape the VLCC market going forward

(Read the remainder of the article in the paid edition, published in both English and Japanese. The Japanese version follows the English article.)

VLCC用船料31.3万ドル、2日で39％急落

停戦期待でリスクプレミアム縮小、WS410は不成立

　ホルムズ海峡を巡る停戦への期待を背景に、VLCC（超大型原油タンカー）スポット市況が急反落した。中東湾岸―中国航路（TD3C）の日建て用船料換算（TCE）は6月25日時点で31万3,140ドルとなり、2日間で39％下落した。

一方、停戦の枠組みが示された後も、コンテナ船「Ever Lovely」がホルムズ海峡で攻撃を受け、市場では地政学リスク再燃への警戒感が残っている。

■記事本文では以下の内容を読むことができます（記事全文約2,000文字）

→ TD3Cの日建て用船料換算（TCE）が2日間で39％急落した背景を詳しく解説

→ 市場で話題となったWS410が成立しなかった経緯と、WS310で再交渉となった理由

→ コンテナ船「Ever Lovely」攻撃がホルムズ海峡情勢とVLCC市況に与えた影響

→ 停戦期待によるリスクプレミアム縮小と、なお残る再上昇リスクを整理

→ 短期的な市況変動の背景と、今後のVLCC市場を見る上での注目点を考察

（続きは英語と日本語で書かれた有料版の本文でお読みください。日本語の記事は英文記事に続いて掲載されています）