Evidence that rates for long-term VLCC time charters are falling comes with the reported extension of two modern units with GS Caltex for five years’ trading.
The 314,000-dwt M Star (built 2008) and 297,000-dwt New Creation (built 2009) are both set to earn $29,000 per day under their new period fixtures.
London broker Clarksons estimates the five-year rate for a VLCC at $35,000 per day.
The
