Gibsons Argues Baltic Exchange VLCC Benchmark Is No Longer Relevant

UK shipbroker Gibsons has argued that the Baltic Exchange’s VLCC benchmark is in need of an urgent update to better reflect the makeup of today’s supertanker fleet.

Spot VLCC earnings were in the negative territory for most of last year, with the key benchmark TD3C averaging minus $250 a day on a slow steaming, non-scrubber, non-eco basis. So far this year, returns have been equally disappointing, only creeping up to zero last month.

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