Oil tanker operator Frontline (FRO) says it is rejecting some cargoes with the market in a...

|About: Frontline Ltd. (FRO)|By:, SA News Editor

Oil tanker operator Frontline (FRO) says it is rejecting some cargoes with the market in a "state of panic" as excess ship supply continues to drive down charter rates. Earnings for VLCCs, the industry’s biggest ships, have plunged 75% Y/Y to $11,624/day, according to ship broker Clarkson; VLCCs are losing $3,012/day on the benchmark Saudi Arabia-to-Japan voyage.