SPOT rates for very large crude carriers have reversed trend after a run-up earlier this month, ahead of additional cuts by Saudi Arabia from July.
Analysts cited lower volumes from the Middle East leading to a build up in available vessel capacity as a reason for the sudden abrupt downturn.
The time charter equivalent on the Baltic Exchange plunged 62% to close at $20,006 per day on June 26 versus a week ago. However, the pace of the fall is now seemingly slowing.
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