Atlantic basin product tanker rates still lofty but falling fast
- US Gulf-Europe MR index fell to $39,832 per day on Tuesday, the lowest level since February 27 and down 57% vs wartime high, but still quadruple index level one year ago
- Pacific MR indexes and LR product tanker indexes remain closer to wartime peak
- Scorpio Tankers’ stock hit highest price in almost a decade following 1Q26 earnings release; Evercore ISI projects Scorpio’s 2Q26 earnings will be more than double 1Q26
There’s a recency bias: when spot rates are half what they were a few weeks ago, adjectives like ‘plummet’ come to mind. But when viewed historically — or versus cash breakeven — current product tanker rates remain very impressive
