MR product tank spot rates up 13 percent

The rates for MR product tankers have regained some ground, and Platou expects gradual rate improvements in the coming months.

According to brokers, the average spot rates for MR product tankers experienced something of a rebound in the past week with a 13 percent increase, up to USD 10,400 per day, a development driven by the biggest contracting activity in 2014 in the US Gulf, says analyst agency Platou.

The utilization rate at refineries along the gulf is increasing, from 85 percent in mid-March to 93-94 percent during the last weeks of the month. Official EIA numbers expect that the growth of US refineries will continue until July, which leads to hope that the product tank rates will continue to rise along with the US export, says Platou in the analysis.

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