Baltic’s VLCC measure goes negative as Saudi exports plunge

Gloom has descended on VLCC owners in the Middle East as freefalling rates have seen a key Baltic Exchange measure turn negative for the first time in a year, according to analysts.

The Baltic’s average time charter equivalent for the largest crude carriers — based on routes from the Middle East to the US Gulf and China — hit minus $1,374 per day going into the weekend, down $1,861 on the day.