Tanker Shipping – Profitability Still a Way off for Loss-Making Tankers as Pandemic Drags on

Drivers of demand and freight rates

To say that the summer has not been kind to the crude oil shipping industry would be an understatement. Average earnings have dropped below USD 10,000 per day since June for all crude oil tankers, with many trades offering negative earnings; freight rates are not high enough to cover voyage expenses, let alone operating and financing costs. Daily average VLCC earnings on 3 September stood at USD 8,138.

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