Rates for Very Large Crude Carriers on the Rotterdam to Singapore route, basis 270,000 mt, Monday hit a fresh low for 2014 on the back of ample tonnage, shipping sources said Tuesday.

According to Platts data, the VLCC freight rate on the route fell $0.74/mt on the day to be assessed at $18.52/mt, hitting the lowest rate since $17.04/mt on November 11.

Shipping sources said Tuesday that they continue to put the lump-sum rate on the route within a range of $4.5 million-5 million lump sum [$16.68-18.52/mt].

"There are more VLCCs open in Rotterdam for the natural loading dates," a shipowner said. "The rates for Suezmaxes are low, so charterers split their cargoes and chartered on Suezmaxes rather than the VLCCs."