Suezmax spot earnings averaged $5,945/day in January, softening from the December average of $6,608/day. The Suezmax market has been under pressure from the impacts of continued cuts to OPEC+ crude output and gradual stock drawdowns. Earnings have firmed slightly since, averaging $8,718/day in 1H February, driven in part by a steady flow of cargoes ex-US. However, Suezmax earnings remain historically depressed, c.70% below year ago levels.
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