A week described by market participants as exceptional has seen very large rises in very large crude carrier (VLCC) earnings, prompting fresh questions about the durability of the rally.
In a weekly note cited by reports on 20 September 2026, shipbroker Gibson said VLCC rates had climbed to levels the firm described as unprecedented, with its assessments placing the TD3C above $1.2 million per day, TD34 in excess of $750,000 per day and TD22 at about $400,000 per day on an Eco basis.
The pace of the increases has left charterers and owners alike reassessing short‑term plans. The report framed the week as “a week for the record books”, and added that many in the market are asking where the market goes from here.
Gibson’s weekly report, as relayed by the trade website, underlines how concentrated the moves were across a small number of benchmark VLCC routes and assessments. The broker’s figures were presented as the headline measures of this week’s surge.
Scale of the spike
The broker’s assessments show three benchmark markers moving to unusually high absolute levels within the same trading week: TD3C north of $1.2 million per day, TD34 above $750,000 per day and TD22 around $400,000 per day on an Eco basis. These numbers were cited directly in the report covered by reports.
Those headline assessments were the focal point of the coverage and have been repeatedly referenced by market commentary that followed the weekly release.
What market participants will watch next
With the immediate surge now on record, attention will turn to whether the levels can be sustained in the coming days and weeks. The reports summary notes the strong rally and highlights the market’s uncertainty about its trajectory.
Owners, charterers and brokers will be watching fresh voyage enquiries, prompt tonnage lists, and the liquidity of short‑term fixtures to gauge whether the exceptional rates persist or retreat. The weekly account from Gibson is likely to be used as a benchmark in those assessments.
The short term will also test operational and commercial responses across the VLCC fleet. Whether owners carry on seeking to lock in the elevated numbers or whether charterers push back to contain costs will influence fixture patterns and reported assessments.
Market commentary in the wake of the Gibson figures emphasised the abruptness of the move and the questions it leaves unresolved. The report summarised the broker’s assessment and framed the week as notable for its intensity.
For now the published figures stand as the defining statistical snapshot of the week. Market participants and observers will await subsequent weekly reports and fixture data to see whether this week becomes an inflection point or an outlier in the 2026 VLCC market.