'Unprecedented' Drop in SUEZMAX tanker earnings

SUEZMAX tanker earnings have nosedived in line with souring sentiment prevalent across tanker segments as a seasonal slump and supply outages in Nigeria continue to bite.

News ID: 67963

Date: 03 August 2016 - 12:50

According to MANA,The suezmax average time charter equivalent on the Baltic Exchange was assessed at $5,524 per day on Monday.
Even the smaller aframax segment was doing better than the suezmax market at $8,680 per day, although this itself is is down 74% so far this year.
There is little to suggest any immediate uptick in suezmax earnings, with growing tonnage lists on most routes. In Asia Pacific, largely steady short haul trades continue to offer some employment but with a number of suezmax and aframax tankers being removed from floating storage and back on the spot market, there is little hope for a rebound.