Spot market rates for suezmax crude tankers shot upward by nearly 81% in just four days as a tight list of available tonnage met strong sentiment by owners.

The Baltic Exchange’s average of time-charter equivalent (TCE) earnings jumped from just under $24,600 per day on Monday to a nearly three-month high of about $44,400 per day at the close of the week.

The figure represents the highest level since for the segment since 26 April, a time when rates in the sector were falling from a spike fuelled by Russia’s invasion of Ukraine and the sanctions actions that followed, shaking up trading patterns.