Charter rates for modern VLCCs are wallowing at year lows  below break-even levels, with few indications that the sector will see significant rallies this year.

Brokers pointed to GS Caltex Oil’s fixture of the VL8 Pool, 309,344-dwt Tina (built 1999) at WS 38, seven Worldscale points ­below last done. It equates to a time-charter equivalent of around $6,700 per day — one of the lowest levels seen this year.