Off-market deals and held-back cargoes are putting downward pressure on VLCC rates.

Rates for the largest tankers slipped $11,875 in the past two days from a year-to-date high of $75,391 per day to $63,516 per day, according to the Baltic Exchange’s time charter equivalent assessment.

London broker Howe Robinson said one cargo garnered 10 offers.

Fearnleys said: “Plenty of deals having been done under the radar/over the dinner table.