Cleaves Securities has a pessimistic outlook for tanker values this year, following steep falls in 2020.
The Norwegian investment bank said secondhand numbers continued to slide in the final three months of last year, with Cleaves' tanker asset price index down 13% since the first quarter of 2020.
Cleaves is now assessing a VLCC resale at $88m, a fall of 15% since the peak in April.
