Houston-based operator Stena Sonangol Suezmax Pool has blamed high levels of tanker deliveries for plunging returns this year.
The company, which runs 20 suezmaxes of 3.15m dwt, said time charter equivalent earnings (TCEs) were $13,616 in the first quarter, from $24,719 in the same period of 2017.
It logged 1,642 revenue days, down from 1,685 the year before.
The pool described the rate fall as a "sharp downward correction."
