VLCCs are ballasting at slower speeds to reduce fuel consumption as tanker earnings face mounting pressure from high bunker prices and a soft tanker market.
According to Vortexa's freight analytics, the average ballasting speed of VLCCs has slowed down by over 10% from 12 knots at the start of the year to 10.6 knots in early August.
Analysts at the data firm said this lower speed offered tanker owners bunker fuel savings of approximately 10 tons per day.
