Aframaxes, the workhorses of the tanker sector, seem especially troubled in the current malaise hitting the crude segment. Last week, the already struggling sector saw earnings fall 52% to below $3,000 a day as rates collapsed in the Atlantic, according to Cleaves Securities.
Commented Calvin Froedge from TankerData.com, “Aframax owners have discovered the seventh circle of hell.”
Their plight has worsened this week. As of Wednesday aframax earnings were in negative territory...
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