Not only has the peak been cut from the recent months' soaring tanker rates. Last week's spot rates for the major VLCC crude oil tankers reached an average of some USD 40,000 per day, which was the lowest level in five months.
Shipping analyst Amit Mehrotra of Deutsche Bank in New York notes in a comment that the VLCC rates have been virtually cut in half during the past two weeks, primarily as a result of sliding demand from Asian refineries:
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