1. Aframax spot earnings in December rose to their highest level in three years, averaging $44,283/day. The seasonal improvement in Q4 helped to raise average Aframax earnings in full year 2018 to $16,175/day, up 17% y-o-y, but still a fairly weak level historically. 2. Crude Aframax demand is projected to rise by 2.5% in 2019, chiefly driven by expected firm growth in Asian crude imports, including on intra-Asian routes, alongside firm growth in US crude exports to Europe and elsewhere. However, the continued fall in Venezuelan exports could have a negative impact.
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