Cross-Mediterranean handysize tanker rates have plunged more than 20% from December as charterers started to look at fixing larger ships.
French shipbroker Barry Rogliano Salles (BRS) said a "big correction" in levels had seemed long overdue.
"Although enquiry levels have been very consistent over the past few weeks, fear that charterers will start looking to take bigger vessels has finally happened," the Paris-headquartered shop added.
