New high for Atlantic product tanker rates amid worries on fundamentals
- US Gulf-Europe MR index has reached $75,957 per day, the highest reading since the index was introduced in 2012
- Med-Asia LR2 index is at $73,547 per day, highest since April 2020; LR1 North Europe-West Africa index is at $63,325 per day, highest since December 2022
- In contrast, Singapore-Australia MR index is at $27,547 per day, down 10% from early December; Asian rates are being weighed by cargo limitations
Tuesday’s plunge in crude pricing brightened sentiment on the Middle East crisis. The scramble for product tankers in the Atlantic and escalating fuel shortages in Asia paint a darker picture
