Beleaguered VLCC owners are accepting ever-lower rates in a market hit by weaker demand from China.
The Baltic Exchange assessed runs from the Middle East to Asia at $24,400 per day, down 1% from Monday and 39% over the past four weeks, deepening five-month lows.
UK shipbroker Braemar said tanker tonne-miles have dropped as China’s crude imports fell to a four-month low in May.
