Crude tanker earnings plunged to new lows for the year as swelling tonnage lists met with too few cargoes.
Average VLCC time-charter equivalent (TCE) rates dropped 10.1% this week to close Friday at $10,700 per day, according to data from the Baltic Exchange.
That's the lowest level since October 2014, but it comes during the traditional seasonal slow period.
Friday saw GS Caltex book the New Shipping-operated, 280,000-dwt New Friendship (built 1999) for a trip from the Middle East to South Korea at WorldScale 32, according to Tankers International.
That
