Product tanker owners are looking east for better earnings prospects as oil demand recovery in Asia outpaces the West.
The Atlantic basin traditionally has been the focus of the winter market, with European nations pulling in large quantities of middle distillates on MRs from the US Gulf and LRs from East Asia and the Middle East.
But this year’s trade patterns have been disrupted by a collapse of diesel and jet fuel consumption in Europe during the Covid-19 pandemic.
