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

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.
Comments (1)
  • WPSPIKER
    , contributor
    Comments (1158) | Send Message
     
    Hey Pay the price or drop anchor and park the things...
    2 Apr 2013, 11:24 PM Reply Like
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