The spot freight rate for any kind of oil tanker has been range-bound in June making as little as $5,000 to $10,000 per day heading into the summer lull, with operators and brokers busy scratching their heads.
On June 2, earnings on the TD3C from the Middle East to China sank into negative territory again. And on June 16, the average year-to-date ‘earnings’ turned negative too, now at $-193 per day by June 24.
The defensive lines of all spot market operating tanker owners becam...
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