Suezmax spot rates continued a downward plunge Wednesday as charterers took advantage of loose availability to drive crude transport costs lower.

Howe Robinson's estimate for average earnings dropped to just under $16,900 per day, a one-day drop of 14.1%.

The day's rate also marks an 18% plunge since last week's closing rate of nearly $20,700 per day.

"The market has seen significant correction across both the Black Sea and West Africa over the last couple of days and there is no sign that things will improve for shipowners over the short term," the UK shipbroker said.