VLCC rates tumble to lowest levels since February

VLCC rates have fallen to their lowest level since February as a slow summer and oversupply hold the market down.

The time charter equivalent for the massive crude oil tankers fell to just under $9,800 per day on Friday, according to the Baltic Exchange. It was the second-lowest level of the year, after $9,550 per day on 7 February.

The Baltic Exchange and shipbroker Howe Robinson said things were slow in the Middle East Gulf (MEG) this week, holding down rates.