The misery goes on in the large crude tanker sector with most routes delivering abysmal earnings for owners. VLCC earnings out of the Gulf last week were $6,000 a day or worse East and West.
Expansionist Euronav was marginally back in the black in the first quarter with a $1.4m profit, improving on a $10.7m loss in the same period last year.
The first quarter of 2014 has ended rather better for the crude tanker market than the equivalent period last year and mostly better for the clean and dirty products markets.