Historic product tanker rally in Atlantic is still in full swing
- Med-Asia LR2 index rises to $110,272 per day, triple pre-war levels, 10 times rates a year ago, and highest reading for index on record
- US Gulf-Europe MR index is at $84,486 per day, just below March 24 high, which was highest for the index on record
- Prior to war, 45% of aggregate seaborne exports of diesel, gasoline, jet fuel and naphtha were from Atlantic; share has shot up to 62% with Strait of Hormuz closed
More product tankers are being fixed on long-haul, cross-basin voyages, helping to keep Atlantic spot rates at or near record highs