The VLCC spot market is sliding as vessel supply outstrips cargo offering, brokers said.
The average time-charter equivalent (TCE) rate for the sector fell by 5.6% today alone, bringing the Baltic Exchange estimate to $25,400 per day.
The assessment is down 23% from this time last week, when VLCCs were earning nearly $33,000 per day on average.
Fearnleys said today that despite a perception that chartering activity is low, volumes are normal.
“The
