Atlantic product tanker rates skyrocket 65% in a day as Europe activity hots up

Spot rates for MR product tankers in the Atlantic took flight on Tuesday, taking a single day to claw back nearly all of the ground lost over the prior two weeks.

The Baltic Exchange’s assessment of time charter equivalent rates for key MR tanker routes in the region surged to nearly $27,600 per day. That is up 65.5% from Monday, when TCE earnings stood at just under $16,800 per day.