The world’s biggest independent oil tanker operator, Frontline (FRO.OL: Quote), said on Thursday it had put some of its very large crude carriers (VLCCs) at anchorage due to sliding freight rates.
“We also do not wish to sail if we cannot get our operating costs covered,” Maersk Tankers chief executive Soren Skou told Reuters. Maersk Tankers is part of Danish shipping and oil group A.P. Moller-Maersk.
Maersk has 10 VLCCs which is the segment of the tanker market that has come under heavy pressure.