MR tanker owners are riding high in the Middle East Gulf on a potential supply gap for refined products left by Engen Petroleum’s oil refinery in South Africa.
A massive explosion rocked the 120,000-barrel-per-day refinery in Durban on Friday morning, leaving seven people injured, local emergency services told reporters.
As South Africa might need to hike imports of oil products due to the refinery incident, tanker owners have managed to hike MR rates for shipments from the Gulf to south-eastern Africa.
