Tanker rates soar by upwards of 70 percent

Many predicted that the product tanker market would slow its pace in the fourth quarter. But now the prices for MR product tankers have risen by as much as 70 percent on several routes, reports Morgan Stanley.

Photo: Finn Frandsen/Polfoto

The product tanker market looks set to rise.

According to a report from investment bank bank Morgan Stanley, rates for MR product tankers rose significantly last week to USD 21,000 per day, an increase of 28 percent compared to the week before. Both sides of the Atlantic felt the boost as a result of increased activity.

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