Tanker forward freight agreements (FFAs) have taken a hit from dimmer prospects of floating storage play, with major oil producers showing appetite for a supply cut.
Saudi Arabic is calling for an urgent meeting of Opec, Russia and nine other producers to negotiate a new supply agreement, possibly brokered by US president Donald Trump, according to media reports.
The news triggered a sell-off in the FFA market, where the losses were most pronounced for the TD3C VLCC trade for Middle East Gulf-China route.
