A vast oversupply of suezmax tonnage has held charter rates down, with the mid-sized crude tankers expected to stay in their rut despite a rally for VLCCs.
The time charter equivalent (TCE) rate for a suezmax tanker as assessed by the Baltic Exchange fell to $3,781 per day on Thursday, down from $5,961 per day on Monday and continuing a slide that began in early August when rates were $12,556 per day.
