VLCC spot rates have slipped significantly this week as West Africa volumes slowed.

The Baltic Exchange's average time-charter equivalent (TCE) rate of $36,100 per day was a 4.9% one-day gain but was still 26.6% lower than the $49,100-per-day rate at the end of last week.

"VLCCs are softer as the week winds down ahead of the Easter holiday. Although activity has been fairly busy in the Arabian Gulf, lighter volumes in West Africa the past several days have kept downward pressure on rates," said Clarksons Platou Securities analyst Omar Nokta in a note to clients.

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