VLCC rates are holding up at healthy levels despite the market cards being stacked against the sector, analysts have said.

Fearnley Securities assessed a trip from the Middle East Gulf to South Korea at Worldscale 52, or a moneymaking $40,100 per day, on Tuesday. That is down 10% from Monday, but only 1% lower than the level a month earlier, the Norwegian investment bank's numbers show.

Market participants are broadly expecting the market to weaken as oil is drawn down from floating storage, releasing tankers back into the spot market.