Suezmax spot rates are moving downward, giving up some of last week’s surge as VLCCs swooped into the West Africa market to pick up cargoes.
The average time charter equivalent (TCE) earnings for the vessel class dipped $1,740, or 4.6%, today to settle at $35,700 per day, according to the Baltic Exchange.
It was the third straight day of declines for the suezmax sector after rates surged by almost 49.5%
