Why Supertankers Are Losing Almost $7,000 a Day?

• Daily earnings slumped to the lowest since at least 2017.
• Rates hit by OPEC production cuts and an oversupply of vessels.

Supertanker’s loss deepened to $6,779 a day amid OPEC cuts, writes Alex Longley for an article published in Bloomberg.

With too many vessels to haul fuel, losses for supertankers on a benchmark Middle East-to-China route deepened to $6,779 a day on Tuesday. 

That’s the weakest earnings since at least 2017 and effectively means vessel owners...

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