Spot tankers rates are rising further in the main loading regions across the globe amid the continued fallout of Cosco Shipping Energy Transportation (CSET), the tanker subsidiary of state conglomerate China Cosco Shipping.

With Washington’s sanctions effectively removing the world’s largest crude tanker owner from international trading, vessel supply has tightened in the Middle East Gulf and Atlantic basin as charterers rush to find replacement vessels.

Spot earnings on the Middle East-China route were assessed by the Baltic Exchange at $57,186 per day as of Monday afternoon, the highest in 2019 and up 10% from Friday.