VLCCs hit another all-time low as Baltic aframaxes lift crude tankers

VLCCs found an all-time low on Friday with a spate of four-figure fixtures to close out the week.

The Baltic Exchange estimated VLCC time charter equivalent rates fell nearly $800 to -$28,354 per day, lower than the previous all-time low of -$27,893 per day on 10 March as the tanker market continues to cool after a rally following Russia’s invasion of Ukraine last month.