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Giant Oil Tankers Are Losing Almost $7,000 a Day Amid OPEC Cuts

  • Daily earnings have slumped to the lowest since at least 2017
  • Rates hit by OPEC production cuts and an oversupply of vessels

Times are getting tougher by the day for oil tanker owners.

With too many vessels to haul fuel, losses for supertankers on a benchmark Middle East-to-China route deepened to $6,779 a day on Tuesday. That’s the weakest earnings since at least 2017 and effectively means vessel owners would be subsidizing the transport of oil on that route.