After dipping as the northern hemisphere weather warmed, Fearnleys Securities believes product tanker rates have hit an inflection point.
The Oslo bank said on Wednesday that the market has found its bottom at around $25,000 per day for MR tankers following earnings from Irish owner Ardmore.
“Product tanker rates are seemingly hitting an inflection point as we head into the seasonally stronger winter market with crack-spread developments implying demand drivers are there for rising refinery throughputs,” Oystein Vaagen of Fearnleys said.
