Could 2019 finally be the year when product tanker earnings bottom out?
Having spiked to multi-year highs on the bullish crude tanker market in October, LR and MR earnings have fallen back to $20,000 per day, or slightly above, on benchmark routes this week.
To some market participants, those levels are strong, yet uninspiring. Fearnley Securities has revised its LR2 earnings forecast to $28,000 per day from $35,000 per day for the fourth quarter, LR1s to $20,000 per day from $31,000 per day, and MRs to $17,500 per day from $26,000 per day.
