A surplus of spot VLCCs is likely to hit rates into July as demand falls, brokers and analysts believe.

Gibson Shipbrokers noted a “significant decline” in earnings in the last week, while Clarksons Securities assessed modern ships as earning $38,600 per day on Monday.

VLCC rumoured to have set new benchmark with ‘significant number’ for three-year fix
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This is the lowest so far in 2024: down 10% over seven days and 35.5%