1. Dirty average spot earnings fell by 30% m-o-m to $21,325/day in August, the lowest monthly average in 2015 so far. In spite of this, dirty average spot earnings stood at $26,865/day in the first eight months of 2015, roughly 50% greater than the full year 2014 average. 2. In spite of an uptick in European crude imports, demand for uncoated Panamaxes is projected to decline sharply in 2015. This is largely due to the limited economies of scale Panamaxes offer, compared to larger vessels. However, uncoated Panamaxes are expected to undertake a relatively significant amount of dirty products trading, which should lend some support to vessel demand.
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