Hopes of an imminent recovery, articulated in last week's report were, perhaps, a little premature. The VLCC sector flattered to deceive, with some key routes showing a modest upturn in earnings. But these results were more than offset by continuing decline elsewhere. Suezmax and Aframax tanker earnings also continued to fall, but at a much slower rate than in recent weeks; even product tankers have been affected by the malaise, losing last week's gains. However, the weather might yet come to the tanker owners'rescue, proving the truth of the proverb that it really is an ill wind that blows nobody any good.
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