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Forecast crude tanker demand slump adds to bearish outlook

A glut of vessels waiting for employment and the curbing of demand created by the coronavirus is leading forecasters to predict a weak freight rate structure in 2020, in turn pressuring owners’ earnings in the context of higher very low sulphur fuel oil bunker pricing

2020 earnings for very large crude carriers to average $24,600 daily says McQuilling, less than half the $50,000 to $53,000 per day currently forecast by investment banks

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