A spike in chartering activity helped push up VLCC rates last week amid suggestions OPEC quotas are not being followed.
Fotis Giannakoulis of Morgan Stanley says VLCC spot earnings out of the Middle East jumped by 12% last week to reach $18,500 per day.
He counts 33 VLCCs finding employment, a 94% week-on-week rise which continues a trend of increased activity during the past month.
