Weak or negative returns for VLCCs hauling crude from the Persian Gulf to North Asia are prompting shipowners to adopt cost-cutting measures like curtailing sailing speed and idling their ships near Singapore or Sri Lanka’s port of Galle, freight market sources said March 15. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The current time charter equivalent (TCE), or earnings for a voyage on the benchmark Persian Gulf-China 270,000 mt route, is currently around $2,000/day for a super-eco VLCC, while returns are negative for many ships delivered prior to 2019, a VLCC broker said. Scrubber-fitted VLCCs burning cheaper high sulfur bunkers are also earning next to nothing, market participants said. “We’re are parking our vessel in Singapore and Galle until […]