Spot rates extended a retreat in the VLCC market today despite a string of fixtures by South Korean charterers.
The Baltic Exchange’s average time charter equivalent (TCE) rate for large tankers sank by 10.2% Thursday to hit $33,300 per day. That added to a slump that has lasted all week, with today’s TCE representing a 32.3% decline on last Thursday.
But the day saw the arrival of cargoes for the second decade – or 10-day chartering window – for February loadings, stemming the decline in eastbound rates from the Middle East.
“The
