Aframax spot rates surged Wednesday from a deep trough, rising 21.8% in one day alone.
The average time-charter equivalent (TCE) rate for the sector jumped $1,110 to $6,230 per day, according to data for the Baltic Exchange.
The leap comes less than two weeks after the TCE estimate sank to about $4,960 per day, the lowest estimate since October 2013.
Today’s surge was most pronounced in the Baltic and North Sea markets.
