Fewer fixtures mean VLCC rates continue to slide

After a brief, promising rally to start the month, VLCC ates continued to cool off on Tuesday.

The Baltic Exchange pegged the time charter equivalent (TCE) rate for a VLCC at $7,466 per day on Tuesday, continuing a slide that began eight days ago when rates began the week at $15,050 per day.

Shipbroker Howe Robinson called Tuesday "an uneventful day".