Supertanker Rents Extend Slump After Worst December
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Rental income from supertankers plying the industry’s key route extended a slump following the worst December since at least 2001 as an expanding fleet cuts what owners can charge for charters.
Freight rates for very large crude carriers, or VLCCs, plunged 28 percent to 49.97 Worldscale points today in the benchmark Saudi Arabia-to-Japan route, according to the Baltic Exchange in London. The previous pricing date was Dec. 24. Rental income slumped 38 percent to $16,204 a day, according to the bourse.