The majority of tanker trades saw earnings fall in January, with western Aframax markets, in particular, experiencing large declines. Brent crude rose to $100/bbl by the end of the month, as unrest in Egypt led to fears of disruption to the Suez Canal and the SUMED pipeline, and the curfew affected some port operations. As a result, the rising bunker costs cut into earnings as owners were unable to push rates high enough to cover the additional operational costs. Rates on some routes were so low that some unusual fixtures were seen, including a Suezmax being hired to take a Panamax cargo.
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