Hurricane Harvey sends product tanker rates skyrocketing

Rates for product tanker vessels are up by 35-40 percent since Hurricane Harvey struck Texas and closed 10 refineries. Anders Engholm, CEO of Hafnia Management, sees long-term impacts as a result of the natural disaster.

Photo: /ritzau/AP/Charlie Riedel

The massive destruction in Texas as a result of Hurricane Harvey, which has closed refineries and paralyzed two of the US' largest ports in Houston and Corpus Christi, have sent the current low rates for product tanker skyrocketing by 35-40 percent.

"Obviously, it has occurred against the background of a very sad event, but we can see that the average spot rate across the different segments has increased from a very low level in summer of approximately USD 8,000 daily, to approximately USD 12,000 at the moment since Thursday and immediately before Hurricane Harvey struck land," says Anders Engholm, CEO of Hafnia Management, which operates over 100 product tankers.

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