DAILY earnings for very large crude carriers shipping Middle Eastern crude to Asia plummeted $15,000 by close of business today, as charterers gained the upper hand in negotiations for loading cargoes in mid-February.

Not even the pre-Chinese new year holiday rush was enough to boost spot market earnings back up to the highs of around $50,000-$60,000 per day seen in the last few months.

Earnings for the voyage settled at $20,679 per day by close of business today, down sharply from $35,334 per day and $61,370 per day last week, according to Baltic Exchange data.

Even though 13 more fixtures were added to the February amount, rates and earnings still fell as the momentum came out of the market.

Market watchers expect further falls as the February loading programme continues this week.

The fall supports the sentiment that the VLCC market can yet offer owners some nasty surprises, despite the recent impressively high market sustained over a number of weeks.

The concern is that earnings could fall back down to below operating costs of $10,000-$11,000 per day, according to one industry insider.

Many experts believe that a proper VLCC recovery should start in late 2015 or early 2016, with this year offering volatility.

Thus far this year, two VLCCs have been delivered into the global fleet of around 620 vessels; 30 were delivered last year and 49 in 2012.