Increased sanctions boosting overall earnings

The tanker market continues to show positive momentum, with average crude tanker earnings rising by 16% week-on-week to over $40,000 per day. This increase is primarily driven by mainstream tankers benefiting from intensified sanctions activity and limited tonnage availability in Western regions.

Suezmax earnings on the rise throughout

According to Clarksons, earnings in the Suezmax segment have strengthened across all routes, with rates on the Mediterranean-to-China route via the Suez Canal surging by 48% week-on-week. While crude tankers have seen the most significant growth in earnings, the product tanker market has gained traction as well, rising by an average of 10% this week to approximately $20,000 per day. This uptick is mainly fueled by a firming MR market, supported by vigorous activity both east and west of Suez.