Spot VLCC earnings have collapsed by more than 50% over the last week as fixture activity slowed down sharply.
The drop came after rates surged to record levels a week earlier.
According to shipbroker Fearnleys, time charter equivalent earnings of VLCCs on the Middle East Gulf (MEG)-South Korea route were assessed at $100,500 per day as of Monday morning, a slump from $227,100 per day a week ago.
