VLCC spot rates have slumped below $10,000 per day for the first time in over three years, JP Morgan says, with owners’ losses growing in a difficult market.
Clarksons placed VLCC earnings at $9,533 per day on Friday with rates having fallen by more than one fifth week-on-week.
“It has been a challenging week for owners, with charterers succeeding in placing significant downwards pressure on rates, particularly on routes ex-MEG,” Clarksons said in a report.
