1. The Aframax market has experienced a very difficult period over recent months, with spot earnings having remained below $6,000/day for much of the last five months. Earnings in December averaged just $5,392/day, with pressure building further in January 2021, driving earnings to below $3,000/day in the second half of the month. 2. The market has continued to experience pressure from the impact of ongoing OPEC+ supply cuts, and renewed 'lockdowns' in Europe which continue to depress regional oil demand. While total crude Aframax dwt demand is projected to increase in 2021, by 4.2% (following on from a 7.7% decline in 2020), with rising exports from Libya and Norway expected to provide some support, demand is expected to remain well below 2019 levels, with the rebound in crude trade limited to some extent by high oil inventories.
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