Suezmax tankers' spot earnings tumbled to a new nearly three-year low today, bringing negative time-charter equivalent (TCE) rates on one benchmark route.
And the descent, if it continues at this nearly three-year low, could impact the rebound potential for VLCCs as the larger tankers prepare for a string of potential fixtures this week.
The average TCE rate for suezmaxes fell 12.9% today to just $1,770 per day, according to Baltic Exchange data.
