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Strait of Hormuz crisis Tankers and Gas Political Risk and Trade

Product tankers join the party as MR rates in Asia hit multi-year highs

  • The Singapore-Australia MR index is at $56,523 per day, highest since December 2022; India-Japan MR index is at $41,349 per day, highest since January 2024
  • Pacific basin product tanker rates are far outperforming Atlantic; Baltic’s Pacific MR basket is at $67,318 per day, almost double the Atlantic basket
  • Asia exported 3.3m bpd of diesel last week, according to Vortexa, the highest weekly average since the beginning of its dataset in January 2016

  • Analysis

More crude escaping through the Strait of Hormuz translates into more refined products available for export in Asia. High demand for Asian diesel exports is pumping up MR rates in the Pacific

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