Spot earnings for older VLCCs without scrubbers have slumped to their lowest level since Gibson Shipbrokers began calculating rates in 2000.
The company said the average daily level was just $500 on the benchmark Middle East-to-China run during the first half of this year for non-eco vessels slow-steaming to ports.
"Although returns in other segments have also been far from healthy, VLCCs have been the worst performer, earning less than even handysize/MR tankers on benchmark round-voyage trades," the UK shop added.
