SHIPPING: Tanker owners slow steam to cut losses as bunkers soar – sources

Tanker owners worldwide are slow steaming to mitigate losses as rising bunker prices and lower freight erode earnings, market participants said Feb. 21. There has been a sharp rise in bunker prices as crude hit its highest in seven years, while several tanker sizes have slipped into the red. Daily losses on the Persian Gulf-North Asia VLCC routes are more…