In aweekly industry briefing Fearnleys said this is because day rates in the spotmarket are so low that it’s increasingly difficult for owners to break even.
“The VLCCmarket remains in the doldrums as charterers keep on drip feeding theirrequirements to the owners,” the firm said, adding:
“Charterershave for all practical purposes finished their May program ex Middle East Gulfwith so far a total of about only 117 cargoes.
