Well here we are in August, the so-called silly season in the UK and in the large tanker market things are certainly looking a little silly, if not dire.

At the start of July, rates Arabian Gulf (AG)/East stood at around Worldscale (WS) 45 giving a time-charter equivalent (TCE) of around $33,000 per day to $35,000 per day, whereas today for the same voyage rates have fallen to about WS30, giving a return for the same voyage somewhere under $10,000.

First-half