VLCC spot earnings have fallen by nearly 30% this week as persistently low shipping demand finally takes its toll on owners’ sentiment.
Clarksons Platou Securities assessed global average earnings at $13,300 per day on Friday, down 28.8% over the past week.
Brokers reported slow chartering activity on main trading lanes, with the Middle East Gulf (MEG) market hit particularly hard by Opec’s production reduction.
