If your business earns so little you can still afford to pay staff but not your lenders, that’s bad. If you can’t even pay your staff without losing money, that’s really bad. Rates for larger tankers on some major trade routes just went from bad to really bad.
There are two flavors of “breakeven”: operating-expense (opex) breakeven, which includes the cost of crew, stores, spares, management fees and insurance, and all-in cash breakeven, which also includes debt payments and interest costs.
The...
https://s29755.pcdn.co/news/supertanker-spot-rates-crash-to-opex-levels