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Product tank doubles revenue on the Atlantic

The product tank rates from Northern Europe to the United States have grown even stronger over the past week, writes analysts Fearnley in a report on Thursday, though the analysts doubt that the level will last.

Photo: Rederiforeningen

The product tank rates from Northern Europe to the United States have grown even stronger over the past week, writes analysts Fearnley in a report on Thursday. That is good news for Torm and other product tank shipping companis, but the extremely positive developments recently could be about to change.

World Scale, which forms the basis for determining the rates, went up by 50 percent over the past week, corresponding to a doubling of the daily revenue on the Atlantic, with rates at the level of 185 points on the World Scale, equalling USD 23,193 a day. In spite of the current optimistic market, Fearnley remains cautious about its expectations for further upsides to the rate level due to the already significant increase on the main route, as well as several ships that are now sailing ballast from the U.S. Atlantic Coast and Brazil back up to Northern Europe.

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