Tanker operator Frontline reported a 22% drop in second quarter revenues on a year earlier, which was 3% lower than analysts expected. As with most other tanker operators, management took a downbeat tone for rates in the remainder of the year “as vessel supply continues to increase”. Spot rates for VLCCs are seen falling in the third quarter, but increasing by as much as 13% for Suezmax. A brighter future is seen for 2018, but this will require capacity closures. The tanker/bulker sector broadly likely saw a 6% drop in revenues on a year earlier in the second quarter.