Atlantic VLCC spot rates have dipped to their lowest level since the early days of 2024 as cancellations of charters for Venezuelan cargoes added further worries to the market in the near term.

But rising oil prices are adding to optimism that producers will pump more volumes into the Atlantic and Pacific markets.

The Baltic Exchange’s assessment for VLCC voyages from the US Gulf Coast to China at a lump-sum rate of $8.47m