VLCCs make big strides as rates near zero and suezmaxes keep rising

VLCCs punctuated the week with a 50% rally in rates as the ailing ships continue their steady progress upward.

The largest tankers saw time charter equivalent rates jump from -$8,655 per day to -$4,995 per day on Friday and continuing a rising trend that saw earnings at -$31,681 per day a month ago, according to figures from the Baltic Exchange.