Spot rates for MR product tankers continued their upward momentum on Wednesday as the market in north-west Europe tightened.
In a market already at a near-two year high because of rising refinery runs, the Baltic Exchange’s assessment of spot time-charter equivalent for the triangular trade in the Atlantic jumped to $24,768 per day, a one-day gain of 11%.
That’s more than 30% higher than rates in Atlantic this time last week and it marks the highest level achieved since May 2020.
