Despite a few bright spots, the crude tanker market started 2023 on the wrong foot.

The Baltic Dirty Tanker Index continued its decline, falling 443 points to 1,430 since 23 December, the last assessment ahead of the Christmas and New Years holidays.

On a sector basis, Fearnleys said VLCCs have been struggling, while suezmaxes and aframaxes are a mixed bag.

“[A] lack of fresh enquiries and transparency is weighing on the sentiment,” the broker said of VLCCs.