Crude Tanker Rates Double As Oil Prices Plummet

The coronavirus outbreak continues to drag on economic growth, and particularly dampen demand for oil products.
Removal of sanctions on a large Chinese tanker entity by the US government lifted the market in Q4 2019.
In March 2020, the 1-year TC rate for a VLCC reached USD 58,750 per day.
The premium for a scrubber-fitted VLCC on a 1-year TC has been cut in half from USD 10,000 per day on 10 January to USD 5,000 per day on 27 March 2020.
Total production estimated at 102.2 million barrels per...