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Middle East crude tanker earnings reach record low

Earnings of crude oil tanker on the major Middle East route have reached a record low yesterday, as a glut of vessels and high bunker fuel costs took their toll on already depressed sentiment, Reuters has reported. "The VLCC market has gone from bad to worse ... with several factors behind the downfall such as rising bunker prices, plenty of newbuildings and dry docked ships and of course the slow trickle of cargoes entering the market," broker Braemar Seascope said. Last April, earnings reached their highest in a year at about $45,000 a day, fuelled by a cargo rally which subsequently ran out of steam.