Aframax spot rates sank to the lowest level in nearly seven months as declining South American production and a seasonal slowdowm drag down the sector.
Average time-charter equivalent earnings shed 10% today alone, plunging $966 to $8,680 per day, according to data from the Baltic Exchange.
That marks a 20% drop since this time last week, when the TCE estimate came in at more than $10,900 per day.
And
