Spot earnings for VLCCs have fallen to slightly more than operating expenses thanks to the refinery maintenance season in Asia, reduced crude exports from the US Gulf and large newbuilding tonnage entering the market.
On the Baltic Exchange, time charter-equivalent earnings for VLCCs on the benchmark Middle East Gulf-China route were assessed at around $7,800 per day yesterday.
This was slightly higher than a trough of $7,749 per day on 4 April, but still much lower than the early March level of $39,100 per day.
