Spot rates for suezmax tankers headed more sharply downward Thursday as the segment played catchup with falling VLCCs.

The Baltic Exchange’s average time-charter equivalent (TCE) rate for the segment fell by 8.5% today to $48,300 per day, with both the Black Sea and West Africa benchmark routes falling in tandem.

The decline added to a week that has now seen the TCE average fall 15.7%