Analyst Michael Webber explains tanker earnings have been surprisingly resilient in the year to date, with long-haul crude volumes out of the Middle East and West Africa taking rates to the highest level since 2008.

In a note to clients, Webber placed VLCC rates at $52,725 daily for the first quarter, with suezmaxes at $48,260 daily and aframaxes at $37,050 per day.