How is it that big-name tanker owners are reporting improving rates while brokers suggest the ships are languishing deep in the red?

Frontline chief executive Lars Barstad blamed outdated methodology for services such as the Baltic Exchange showing VLCCs at all-time lows while his fleet is near or above breakeven levels.

“The thing is, with these indices that are supposed to represent the market performance, these are based on a methodology that is somewhat old-fashioned,” he said on the New York-listed company’s fourth-quarter earnings call.