A glut of the world's largest oil tankers has caused a collapse in the charter rates on the oil industry's busiest trade route this week, according to figures released by the Baltic Exchange.
Daily earnings for the very large crude carriers (VLCCs) plying between the Arabian Gulf and Japan fell from US$3,997 (Dh14,680) to $962, said the London-based exchange, the world's only independent source of maritime market information.
The drop of 76 per cent was the biggest since last September, as the supply of vessels, each capable of carrying 2 million barrels of crude, overwhelmed demand to charter the ships. The forecast for the next month is just as gloomy, according to the Bloomberg News regular shipbrokers' survey.
Rates sink with oil tanker glut - The National
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