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MR, +292% on spot freights

Refined products rallying

by Port News Editorial Staff

Increased Chinese exports and shipments from the US Gulf are driving returns in the refined products shipping market.

In March, Medium Range tankers deployed on the Atlantic trade routes were chartered at $10,996 per day, an increase of 292% over end-February values.

On the Pacific route, MR earned 66% more than at the beginning of the month, at $11,650 per day. Pacific Rates had already surpassed $10,000 per day at the beginning of March, thanks to the full economic recovery in South East Asia and China.

Beijing is the biggest contributor to the growth in diesel and gas oil exports, which reached 1.2 million barrels per day in March, 320,000 more than the 2020 volumes.

Translation by Giles Foster

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