VLCC rates are coming off the boil after a spectacular rise in the last week.

Rates have slumped by around $20,000 per out of the Middle East for Asia after charterers played their stronger card.

Glenn Lodden of ABM Amro says charterers now appear to be in the driving seat in the crude tanker market.

“Fixing activity has come down and tonnage lists for the Middle East are longer,” he said in a report this morning.