Owners of older VLCCs without scrubbers have seen rates dip into the red again in the ongoing tanker slump.

Fearnley Securities quotes VLCCs averaging minus $4,300 per day from the Middle East to South Korea, down 390% month on month and 664% so far this year.

For ships heading from West Africa to China, the negative rate is minus $1,300 per day, down 175% so far this year.