Rates to hire large oil tankers continue to sink as demand for oil plummets. "Today we have a double whamrny: we have a strong decline in demand and we have a strong increase in the fleet," said Erik Ranheim, manager with Intertanko's research and project section, at the recent Reuters Global Energy Summit. According to Reuters, freight rates to ship oil in very large crude carriers (VLCCs) have fallen to as low as under $10,000 per day this year, which is below a vessels' operating costs. That compared with as much as $130,000 per day last year.
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