Average spot rates for tanker operator Euronav dropped by more than half during fiscal 2018 , dropping to $ 18,725 per day , largely due to the excess demand in the market , along with the ongoing production cuts . The Belgian company also reported a 74.6 % drop in core profit for the quarter , at $ 25.8 m . CEO Paddy Rodgers stated he expected the tight rates to continue until the tanker market had rebalanced , and called for a reduction in " primarily older tonnage , apart from contracting and a supportive oil price structure " .
Average spot rates for tanker operator Euronav declined by more than half during Q1 2018, falling to $18,725 per day, largely due to the excess capacity in the market, along with the OPEC production cuts. The Belgian company also reported a 74.6% drop in core profit for the quarter, at $25.8m. CEO Paddy Rodgers said he expected the tight rates to continue until the tanker market had rebalanced, and called for a reduction in "primarily older tonnage, restraint from contracting and a supportive oil price structure".