Nicolay Dyvik, head of shipping research at DVB Markets, believes that the question is not whether VLCC rates will fall back, but where they’ll trough after they do. Gallagher believes rates will trough at $70,000-100,000 per day this quarter “and then go up again.”Burke didn’t venture a guess, but he did emphasize that the market remains extremely sensitive to external shocks. “All it needs is one more little thing and the VLCC market will go back up again,” he affirmed.