VLCC spot earnings fell sharply Tuesday as chartering activity dried up in the Middle East market and tankers swarmed available cargoes in West Africa.
The lull in both markets pushed average day rates down by 12.3% in one day, with the Baltic Exchange reporting the time-charter equivalent rate at nearly $20,300 per day.
The WorldScale rate on the benchmark Middle East-to-Japan run dropped to WS 73 from WS 77.5
