VLCCs posted their fourth-straight day of spot market decline a fixture by South Korea’s Hanwha Group showed reflected further pullback on the Middle East-to-Asia trade lane.
The plunge reverses some of a rebound that market players had hoped would push the large crude tankers out of their summer slumber and toward the seasonally strong winter market.
Hanwha booked Pantheon Tankers Management’s 318,000-dwt Caesar (built 2009) for the equivalent of nearly $36,000 per day for a voyage from the Middle East to South Korea, according to data from Tankers International.
