VLCC spot rates fell to a new low for the year as they continued to test how deep the summer doldrums can go.
The Baltic Exchange’s estimated time-charter equivalent (TCE) rate for the sector fell 8.3% on Tuesday to reach $9,430 per day, the lowest average spot earnings for large tankers since October 2014.
Rates on the benchmark route from the Middle East to China fell to WorldScale 33.5,
