The suezmax and aframax markets continue to strengthen, driven upwards by Russia’s invasion of Ukraine, and VLCCs are moving closer to break-even rates.

The Baltic Exchange said average suezmax spot earnings rates added $22,684 on Monday, rising to $89,711 per day, while aframaxes jumped $6,543 to $60,214 per day.

Howe Robinson said those markets raised VLCC time-charter equivalent rates by $9,059 to -$3,890 per day, its highest level since May.