Everyone can agree VLCC rates are terrible, but not all market observers agree on just how bad the market is.

The Baltic Exchange’s assessment of time-charter equivalent (TCE) earnings from the Middle East to China plunged to an all-time low of minus $8,300 per day on Thursday for non-eco ships.

Euronav says smaller tanker owners are ‘pulling their pants down’ on rates
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Brokers reported 17 tankers being offered in for one cargo in the region.