Suezmax earnings slumped Tuesday thanks to a slowdown in fixture activity in the sector.
The Baltic Exchange's average time-charter equivalent rate shed $7,120, or 24.2%, in one day to reach $22,300 per day.
Howe Robinson said the activity slump was not surprising, given that so much of the shipping industry is busy at the Posidonia event in Greece this week.
"A couple of expected quiet days has seen several owners pulling the 'rip cord' and rates descending at a rapid pace," said London shipbrokerage Howe Robinson.
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