Record numbers of larger ships ‘cleaning up’ jeopardise medium range tanker rate recovery in Pacific
Fewer aframax tankers are sailing to the Atlantic. They are being replaced by VLCCs hauling middle distillates around the Cape of Good Hope to Europe, adding to competition in the Pacific, Vortexa data show
Average medium range tanker rates in the Pacific have trailed Atlantic rates since June 26 and are now 31% lower, the greatest deficit seen so far in 2024, Baltic Exchange data show