Skyrocketing rates for the largest crude carriers have seen them outstrip smaller tankers for the first time in three months, according to Baltic Exchange data.

A flurry of cargoes in the Middle East and a limited supply of VLCCs have prompted the rate rise, with strong increases on the routes from the region to Singapore and China.

The Baltic Exchange’s time charter equivalent rates for VLCCs increased by 12% on Wednesday to hit $47,423.