VLCCs drop as tankers touch 21-month lows

VLCC spot earnings slumped to the lowest level in nearly two years as tanker rates found their lowest levels in nearly two years.

News ID: 67793

Date: 26 July 2016 - 11:09

According to MANA,The Baltic Exchange's time charter equivalent (TCE) earnings estimate for the VLCC sector dropped $1,230 today, which was a 9% drop, to touch $14,800 per day.
That's the lowest level the large tankers have seen since October 2014, according to data from the exchange, though this comes during the seasonally slow season.
The day's chartering saw DS Tankers' 308,000-dwt DS Valentina (built 2000), which trades in Navig8's VL8 pool, garner a WorldScale (WS) 35 rate for a journey from the Middle East to South Korea.
That marks a decline from WS 42.5 on a similar route last week.