Oslo-listed Hunter Group has revealed another tough month for its two VLCCs.
The investment company said spot rates averaged $32,700 per day for the unnamed vessels, against the $51,750 it pays to charter them in over three years.
This resulted in a loss of $19,050 per day for 62 days, or $1.18m for the month.
In July, the company was $21,745 behind the charter-in rate.
That was Hunter’s worst monthly performance since it began reporting the VLCC figures in February.
The only other time the net result has fallen below zero was in April, when it was fixing the VLCCs out at $45,180 per day, pushing the margin to -$6,750 per day and the result to -$349,170.
A lack of activity dragged VLCC earnings down in the seasonally slower summer period.
But spot levels rebounded significantly last week after a prolonged decline.
Clarksons Securities assessed non-eco vessels up 59% at $38,000 per day, with modern ships at $45,000, a rise of 44%.
Brokers said there had been a surge in late-August cargoes, combined with a limited supply of available tonnage.
Owners were able to regain a measure of control over charterers as a result.
As September cargoes enter the market, this activity may sustain current rate levels, although historically, the second week of September has marked the seasonal low for freight rates, Clarksons noted.
Forward freight markets suggest eco VLCC rates from the Middle East Gulf to China could average about $50,000 per day in the fourth quarter, from $37,000 in the third period.
