Rising crude exports from Russia and Norway are set to boost aframax earnings this winter, with the positive effects likely to spill over to larger tankers.

Led by the buoyant Baltic Sea and northwest Europe trades, average spot aframax earnings on the Baltic Exchange have already risen above $20,000 per day this week — the highest since January.

Market participants suggested spot rates were mainly lifted by recovering Russian exports from the Baltic, a trend set to continue throughout this year with the restoration of normal supply from the Druzhba pipeline.