Rates boosted for large product tankers

Asia's ravenous appetite for naphtha, used for the production of plastic, among other things, has boosted the revenues of the large European product tankers.

Broker estimates indicate that Asia's ravenous appetite for naphtha, which is used for the production of plastic, among other things, and for mixing with gasoline, along with volumes from the otherwise struggling European refineries could be headed toward record levels in January.

The solid demand from Asia, which is expected to reach two million tonnes of naphtha next month, transported from the US and Europe to Asia, has increased the demand and thus boosted the rates for the large product tankers, the so-called Long Range One - LR1 - vessels, at the expense of the smaller Medium Range (MR) vessels, according to Reuters.

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