Hafnia’s Mikael Skov said the company has a “constructive” outlook for the tanker operator’s outperforming LR2 fleet, as crude vessels reduce their incursions into the refined products market.

The chief executive’s comments came after Jefferies analyst Omar Nokta noted that the time-charter equivalent earnings of the company’s fleet of aframax-size product tankers outperformed its peers in the second quarter.

The New York and Oslo-listed company reported earnings of more than $60,100 per day per LR2 in the period.