The Baltic Dirty Tanker Index fell to a record low on Friday amid severe tonnage oversupply, with negative returns reported on trading routes to the US and Mediterranean.

The index decreased by three points from Thursday’s level to 429, the lowest since its publication began in 1998, data from the Baltic Exchange showed.

It takes into account 14 VLCC, suezmax and aframax trades, and hit the previous record low of 431 on 23 September.