The freight levels of Panamax crude tankers were healthier than expected but still relatively low. This could be attributed to declining overall volumes of United States crude import levels, and upsizing, with charterers fixing larger vessels at the expense of the smaller Panamax tankers. Average Panamax dirty products spot earnings increased from $10,535 in 2011 to $14,769 in 2012 (Clarkson Research Services, 2013f). Ultimately, the dependence of the Panamax crude fleet on trade towards the United States, coupled with the shift in the crude tanker market towards larger vessels, is likely to make Panamax crude trading largely obsolete in the medium term (Clarkson Research Services, 2013f).