The focus of period charter markets has shifted to product tankers from crude as oil firms hold out for the conclusion of the latest Opec+ meeting, according to some market participants.
While rising inventories of petroleum products are creating short-term floating storage requirements, some shipowners and charterers are seeking longer deals amid volatile market conditions.
Data from Braemar ACM showed at least nine LR2 and three MR product tankers were fixed on period charters at firm rates last week, with period lengths ranging between 60 days and 12 months.
