The year 2001 must be described as a very healthy year for tanker owners. Although it is a fact that freight rates for all tanker types have fallen substantially and continuously through the year, the average rates for the year have been quite strong. For product tankers of various sizes, 2001 was even better than 2000. Rates for medium sized crude carriers were moderately weaker, while for VLCCs they dropped significantly. Despite declining freight rates for crude carriers, the profitability for all tanker was, for the second consecutive year, remarkably high. Modern VLCCs started the year at an incredible $70,000/day on the spot market. Almost immediately, however, the declining trend set in which was to last all through the year except for a brief upturn in September.