The lingering oversupply of vessels in the VLCC market has left shipowners weighing options to either idle, reduce sailing speed extensively or take on only short voyages as freight returns are seen below operating costs. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The Time Charterer Equivalent or TCE , which is the earnings accrued, for a modern VLCC has slumped to around $7,000/day on key Persian Gulf to North Asia routes, which hardly covers the daily running cost of the vessel, according to market participants. To tide over the staggeringly low earnings period, two shipowners told S&P Global Platts that they have resorted to drifting their vessels to save fuel cost. When a vessel is made to drift in a safe location, the power to the main engine is switched off to save on fuel expenses. “It makes no sense for owners […]