Miserable tanker market turns VLCC rates negative: "Not sustainable"

Supertanker spot rates have, rather unusually, turned negative, and Euronav expects more ships to be taken out of the market, the carrier informs ShippingWatch. Recovery on the heels of Covid-19 has yet to materialize.

The unusual situation in the tanker market has sent supertanker rates plunging into the negative. "The situation is unsustainable," says tanker carrier Euronav. | Photo: Euronav

The downturn in the tanker market has rather extraordinarily plunged rates for the big VLCC supertankers into the negative.

Friday, supertanker rates of USD -886 per day were thus recorded despite it being winter, which usually constitutes an attractive series of months for the tanker market.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs