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Saudi-Europe diesel shipments at 33-month high, keeping LR2 tanker rates bouyant

About 90% of middle distillates from the Middle East are shipped to Europe on long range 2 product tankers, Vortexa data show

Shipments to Europe have increased to the highest level since October 2020 on the back of a refinery outage in Türkiye in the past month and the poor availability of diesel from the Saudi Red Sea ports of Yanbu and Jizan. The avoidance transits through the strait of Bab el Mandeb is pushing up transport costs and journey times 

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