The Baltic Exchange continues to report dismal earnings for VLCCs, prompting Gibson Shipbrokers to wonder if it is time to change things up.

The time charter equivalent (TCE) rate earned by the largest tankers ticked up by $184 on Friday, but remains deep into the red at -$20,673 per day, an assessment that Gibson argues does not truly reflect the market.

“Evidently the majority of the VLCCs trading on the spot market are capable of generating higher returns than the benchmark Baltic Exchange VLCC description,” the broker said.