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.

“VLCC charterers quickly moved on to their August program with owners quietly gaining the upper hand,” Gibson Shipbrokers said, noting the trend was “just a steady and manageable incline”.