VLCC chartering out of the Middle East has sunk to a five-year low, according to data from Credit-Suisse.
The July loading programme has seen 114 VLCC fixtures, a 4% dip from the previous month, according to analyst Greg Lewis.
He says the figure is 13% below July last year and the lowest seen for the month in five years.
“We expect VLCC activity to remain under pressure as OPEC compliance remains elevated at around 95%,” Lewis said in a report today.
