Arctic Securities has not given up hope of a fourth quarter rally in VLCC rates despite a difficult summer for the market.

Analysts Andreas Wikborg and Jo Ringheim note high newbuilding deliveries have put pressure on the market while OPEC cuts have added salt to VLCC owner’s wounds.

That combination has led to spot earnings retreating to around $11,800 per day on the TD3 route after being cut in half in the past month.