Losses widen for oil tankers hauling 2-million barrel crude cargoes on the industry's benchmark route
According to Bloomberg, VLCC's on the Saudi Arabia-to-Japan voyage are losing $5,529 a day, according to data accessed by Bloomberg from the Baltic Exchange in London. Returns have been negative for 18 sessions in a row and were at minus $5,130 on July 27. The ships were earning $41,093 on April 2, the highest level this year.
Earnings fell as the number of vessels hired declined and ship-fuel prices advanced, Omar Nokta, a New York-based analyst at investment bank Dahlman Rose & Co., said in a report.