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Deutsche Bank: At least 2 more years of gains in product tanker

The product tanker carriers have gotten off to a good start in 2016, just as with crude oil, but it seems that the favorable market conditions have yet to impress investors.

Photo: Hafnia Tankers

Although most investors in recent months have grown less sure of whether the recovery for the tanker carriers in both crude oil and oil products will be long-lasting, the assessment from Deutsche Bank is clear - that there is reason to believe in a boom for the product tanker carriers at least years forward.

And for the three categories of large product tankers - MR, LR1 and LR2 - 2016 has seen a positive start for the shipowners with average spot rates of USD 19,000, 25,000 and 34,000 a day respectively. A sign of both a structural and cyclical growth in demand, which according to the bank's shipping analyst Amit Mehrotra, will last for at least two more years.

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