VLCC earnings dropped to a nine-month low as ample tonnage chased few cargoes at the end of the June chartering window in the Middle East.
The Baltic Exchange's average time-charter equivalent (TCE) rate for the sector plunged 21.4% today to $24,600 per day, the lowest level since early September.
London brokerage Howe Robinson said the market came under "significant downward pressure" as one of the final cargoes for June loading in the Middle East received 13 offers.
"With
