London (Platts)--15Nov2012/559 am EST/1059 GMT

Spot freight rates for VLCCs traveling from West Africa to the Far East have risen to five-month highs as increased activity in the Persian Gulf has removed tonnage from the region, shipping sources said Thursday.

A lot of crude has been moved to the East from the Persian Gulf and West Africa in the past week, which has cut the amount of tonnage in the region.

Freight rates for VLCCs on WAF-East voyages were assessed by Platts at Worldscale 47 on Wednesday, up by w7 from Tuesday. Shipping sources reported fixtures on subjects at w48.5 on Thursday and indicated that rates were even firmer.

According to Platts data, this is the highest rate that this route has been assessed at since June 12.

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"The market is even slightly firmer than what we have seen," said a shipbroker. "We're seeing the Saudi stems out now, so WAF-East will have to take a back seat until we have seen where activity lies out of the PG-East. If we see the same activity for first decade December as we have seen for first decade November then the market will go haywire. But I think the first decade December will be more moderate."

The lack of available ships in the Atlantic Ocean and PG has contributed to the rise in freight rates, according to sources.

Sources said that at least five vessels were placed on subjects on this route in the past few days including the Lucky Trader, Atlantas, Samco America, Arion and Champion Prosperity.

"WAF has been very active," said another shipbroker. "We have tight tonnage all over the West and now the PG is picking up in terms of activity, which is giving owners some grounds to push up the rates. I'm calling rates nearer to w50 now for ships coming from the East, driven by sentiment."

The Atlantas was placed on subs at w48.5 on a WAF-China route for December 20 loading. Sources also reported the Champion Prosperity on subs at w48.5 on a WAF-China route for December 17 loading.

--Angela Velasco, angela_velasco@platts.com
--Edited by Jeremy Lovell, jeremy_lovell@platts.com

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