According to the Market Report of the Baltic and International Maritime Council (Bimco), the average revenue of product tankers in early November in the spot market was $7,416/day ($/day) for an LR2, $6,147/day for an LR1, and $1,730/day for a handysize. These freight levels are a long way from the minimums needed to cover your costs.
This is the inevitable result of the low fuel prices recorded in April, which boosted demand and stock, and the remarkable impact of the pandemic.
In the crude oil transport sector, the data have not been better. In early November, the estimated average spot market revenue for a VLCC would amount to $12,806/day, less than half of what is needed to reach the break-even point. For a suezmax, such revenue would be $6,890/day and $4,728/day for an aframax, also below your profitability threshold.
The Gulf of Guinea is the area with the highest rates of collisions and kidnappings.