Aframax freight rates continued to weaken in April and average earnings were $ll,759/day, down another 44% m-o-m. Caribs-Up rates came under considerable pressure as tonnage availability continued to build up throughout the month. The timecharter market continues to come under pressure, in 4Q 2008 softened rates were from falling asset values. Now the fall in timecharter rates is seen as a reflection of the weakened spot market.
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