The Baltic Exchange’s assessment of spot VLCC earnings rose to a level not seen in 30 months.

But fuel prices have propelled the fortunes of eco tankers with exhaust gas scrubbers even more, as their average spot earnings broke past $100,000 per day.

The Baltic’s measure of time charter equivalent rates for the large tankers rose to nearly $49,300 per day on Friday, a level not seen since 5 May 2020, a time when the VLCC spot market was spiralling downward from a pandemic-fuelled surge.