Namely, especially for mid-size tankers it was the worst December for spot rates since the early 1990s and for VLCCs it was the worst December since the 1980s.

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January was more or less the same as December, even though weather delays may cause some volatility in certain regional markets. In fact, Venezuela experienced a big decrease in oil production during 2017, causing a decrease in Middle-Eastern cargoes and the tanker market in whole.

However, in the end of 2018 and start of 2019, the situation is expected to recover.