Rate increases within product tanker continue – up to USD 60,000 per day

Upswing on the product tanker market has continued in April and May with increasing rates above the level of the year’s first quarter, writes tanker operator Concordia Maritime in an update.

Photo: PR-foto Concordia Maritime

Although there are marked fluctuations in spot rates with peaks above USD 60,000 per day, the upturn in general continues within product tanker, writes Swedish product tanker carrier Concordia Maritime in a market update.

The product tanker market has ”strengthened significantly” in April and May with rates at higher levels than in both Q1 this year and the full year 2021, states Concordia Maritime. Overall, 2021 was a bad year for product tanker carriers, which saw significant losses.

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