Danish product tanker specialist Torm expects tanker rates to turn out lower this year but this is not the bad news you might think.
The Copenhagen-quoted company is expecting a full-year time charter equivalent (TCE) rate of $22,407 for its LR2 (80-100,000-dwt) tankers, compared with $27,185 in 2003. Similarly, the rate for its LR1 tankers (60-80,00-dwt) is put at $18,111 against $22,429 last year and for its MR tankers (35-50,000-dwt) the forecast is $14,550 against $17,307.
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