The Aframax market was firmer in March as average earnings for modern tonnage increased 61% m-o-m to $47,052/day. Cross-Med routes saw spot rates increased by WS78 points m-o-m to an average of WS215. The first week of March saw spot rates in the Med increase by WS20 points to WS140. This was mainly due to increased enquiry for late March loadings and a tight tonnage list. Cross-Med rates continued their upswing in the second week of March finning another WS50 points to WS190 as enquiry remained firm. In the week before Easter the Med market spiked again with WS395 seen. This was mainly caused by bad-weather which delayed loaded ships. Firming in the Med increased all rates in the West. In the last week of the month, cross-Med rates dropped to WS245 as the market recovered from bad weather delays. The falling Med market pulled down all routes in the West. In contrast, MEG-East rates firmed WS10 points to WS155.
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