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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.

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