Long-Range Clean Tanker Rates Hit 8-Month High
Long-range clean tanker rates stayed firm on Monday extending a recent rally with firmer cargo demand bolstering sentiment further. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W117.50 in the Worldscale measure, or $11,453 a day when translated into average earnings, the highest since mid September last year. That compared with W116.14 or $11,156 a day on Friday and W107.45 or $8,112 a day last Monday. "With plenty of cargoes in the market and tonnage looking fairly thin far out, rates look likely to remain firm for
Trans Atlantic Tanker Rates Higher
route, known as the backhaul journey as vessels usually travel to the U.S. East Coast first and then pick up return cargoes. Analysts expect the USG market to see gains this year helped in part by import demand from Latin America. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W104.32 or $7,427 a day. That compared with W105.59 or $7,818 a day on Friday and W107.27 or $7,857 a day last Monday. "LR1 earnings have softened as activity remains subdued," SSY said. Larger Long Range 2 or LR2, 75,000 tonne shipments on the Middle
