Shipowners are taking advantage of improving dynamics to pull up VLCC rates, with the market climbing by almost one third on key routes this week according to some quoted figures.

Conditions on the benchmark Middle East to Far East route have been progressing and now West Africa is also gaining some traction.

Rates from the Gulf heading east were at world scale 70, equal to $29,100 per day, earlier today, according to Clarksons Platou Securities, up from $22,400 per day a week ago.