Brokers believe VLCC rates have hit their latest low point as charterers struggle to force through any more reductions.
Fearnley Securities is assessing Middle East to South Korea spot voyages at Worldscale (WS) 38, a notional negative time charter equivalent rate of $1,000 per day.
This is down 43% in 24 hours and 156% month on month.
The investment bank said rates continue to face challenges amid lower seaborne volumes, a well-stacked tanker position list and numerous bids hitting every cargo presented to the market.
