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Upturn for major product tankers subsides

Recent months' upturn in spot rates for the so-called LR1 and LR2 vessels will begin to subside again in a few weeks, according to broker estimates.

Recent months' upturn in the rates for the major product tanker vessels, LR, which have helped compensate for a weak market in mid-range MR vessels, will stay high for another few weeks before starting to subside again, brokers tell IHS Maritime.

The upturn for the major Long Range product tanker vessels has been driven by large naphtha volumes, especially on routes west of Suez to to East Asia.

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