Spot rates for aframax crude tankers have rebounded on busy activity that has cleared the Atlantic of available vessels, bringing larger suezmaxes into the rebound.

Global average aframax rates jumped to $43,800 per day on Wednesday, a 29% surge since Monday and a one-week gain of 42.9%, according to data from Howe Robinson Partners, a London shipbroking house.

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Firming rates for cargoes from the US Gulf Coast and the Mediterranean posted rapid gains over the week, fuelling strong sentiment as earnings rose to a par with suezmaxes.

UK broker Affinity Shipping said that busy activity in key Atlantic crude tanker trades has left “next to zero” open aframaxes in the basin.

After the Baltic Exchange registered a 19.6% one-day gain in average aframax rates on Tuesday, spot rates for suezmax crude tankers posted an 18% surge the next day. Both leaps brought rates to the highest level since February, when the market was on its way down.

The Baltic’s suezmax spot market average reached $47,720 per day on Wednesday, up from $40,400 a day earlier and $38,500 this time last week.

Robert Boles, head of the suezmax chartering desk at shipbroker SSY, told TradeWinds that the suezmax gain was fuelled by the firmer aframax market.

“The West African suezmax market received a sentiment springboard from the firm US Gulf aframax market overnight, which, when combined with a busy day today in terms of West African suezmax cargoes, set against an ever-tightening tonnage list, enabled owners to gain some momentum here this afternoon and push these rates up,” he said.

Strong aframax activity in the Mediterranean also helped the larger vessels.

“US Gulf aframaxes are the gift that keeps on giving (to owners at least) and are the key support mechanism for suezmaxes,” Norwegian broking house Fearnleys said on Wednesday.

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