VLCC spot earnings are still surging a day after owners took advantage of a pre-holiday rush of chartering activity to push up rates.
The Baltic Exchange's average time-charter equivalent rate (TCE) for the sector has jumped to $34,510 per day, a gain of roughly 40% since the end of last week and an increase of 8.7% today alone.
The day's chartering activity saw Capital Maritime & Trading earn a lumpsum rate of $3.6m
