"Pitiful" VLCC market conditions have seen spot rates follow suezmaxes and aframaxes into the red, but owners could still be making a little money in many cases.
Fearnley Securities assessed VLCC rates at -$800 per day on Thursday at Worldscale 30 from the Middle East to South Korea on a very low-sulphur fuel basis, down 104% month-on-month and one-third down from Wednesday.
