Crude oil tanker earnings on the major Middle East route rallied at the start of the week to their highest in 18 months helped by a surge in bookings, helping to soak up vessels available for hire.

Brokers said in contrast, upheaval in Libya had hit the smaller aframax sector with earnings turning negative.

The world’s benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W52.88 in the worldscale measure of freight rates, or $33,217 a day when translated into average earnings, and were at their highest since mid-April 2012.

That compared with W51.93 or $31,486 a day on Friday and W43.22 or $17,363 a day last Monday.

“The VLCC market has gotten wind in its sails as high fixture activity the past week has reduced the 4-week vessel count to only 44 vessels — clearly giving shipowners the upper hand near-term,” said Arctic Securities analyst Erik Nikolai Stavseth.

The positive momentum has pushed earnings beyond their most recent high reported in July, touching levels not seen since last year.

“On average worldwide, VLCCs are earning $35,000/day, the highest levels this year and at levels last seen in early 2012 ahead of the Iran oil export sanctions,” said Omar Nokta with Global Hunter Securities.

Operating costs were estimated around $10,000 to $11,000 a day for VLCCs. “Rates will likely stay firm on the back of recent momentum,” broker Marex Spectron said separately.

VLCC rates from the Gulf to the United States were at W33.69 on Monday versus W33.62 on Friday and W27.83 last Monday.

Cross-Mediterranean aframax tanker rates were at W69.00, or -$605 a day, compared with W69.75 or -$260 on Friday and W75.50 or $3,119 a day last Monday. Brokers said growing oil export disruptions in Libya were hitting aframax activity in the Med.