1. Following on from a decline in spot earnings in July, Suezmax average spot earnings fell by a further 28% m-o-m in August, to $31,828/day. As a result, Suezmax spot earnings averaged $45,905/day in the first eight months of 2015, still significantly greater than the 2014 full year average. 2. In full year 2015, deadweight demand for Suezmaxes is projected to increase by 4.0% y-o-y. Crude Suezmax trade on the AG-Med route is expected to rise 9% y-o-y on the back of a marked improvement in European refinery margins (in turn supported by a glut of cheap crude). Furthermore, as many MEG producers have kept production at high levels, this has further supported MEG exports to Europe. For instance, in the first seven months of 2015, Italian imports of Saudi crude have risen by roughly 12% y-o-y, whilst Saudi Arabian crude exports to France have risen 11 % y-o-y during the same period.
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