VLCC spot rates have plunged by nearly half over the past week as refinery demand cools.
Tankers heading from the Middle East Gulf to Japan were quoted by Galbraiths at $57,000 per day, down 48% from last week.
Fearnley Securities said VLCC rates were "looking to find a floor" due to a lack of Gulf enquiries.
Analysts Espen Landmark Fjermestad and Peder Nicolai Jarlsby said US Gulf export cargoes were "keeping the candle burning" for the big tankers.
