Suezmax rates hit a multi-year low on Thursday as tankers continue to wallow in their post-rally malaise.
The Baltic Exchange assessed the time charter equivalent for a suezmax tanker at $1,773 per day, the lowest since 5 February 2018 when rates came in at $1,593 per day.
Then, suezmax tankers had spent 18 consecutive days under $2,000 per day, even slipping below zero for five, including -$791 on 26 January 2018.
