Suezmax and LR rates rise amid the ongoing geopolitical ‘noise’
- Baltic Exchange suezmax index is up 139% year to date, now well above VLCC index
- LR1 product tanker index is up 112% year to date; LR2 index is up 80%
- Recent events have put spotlight on how changes for Red Sea crisis and Russia-Ukraine war could impact tanker rates
Mid-sized tanker demand is on the upswing, buoying rates for suezmax crude tankers and LR1 and LR2 product tankers. The outlook remains as uncertain as ever, to both the upside and downside, given how the geopolitical backdrop for tanker trades could change
