Long range two (LR2) product tankers have cracked the $100,000 per day barrier in fixtures on Tuesday, a leading products tanker owner told a New York financial conference.

Scorpio Tankers president Robert Bugbee cited the rates during an afternoon panel appearance at Capital Link’s annual New York Maritime Forum.

“These markets move pretty quickly — LR2s today crossed $100,000 a day,” Bugbee said matter of factly in response to a question from Jefferies equity analyst Randy Giveans, moderator of the clean products panel, before proceeding to describe medium range (MR) rates at $35,000.

Bugbee’s assessment came in a market where VLCC rates had soared to a record level above $300,000 in recent days, albeit with signs of weakening this week.

Giveans seemed unsure he had heard the Scorpio executive correctly and pressed him on the point.

“I’m really not guessing on this one,” Bugbee shot back. “I could read you my trading report. These are really strong (numbers).”

Speaking more generally, Bugbee added, “The LR2s are going to expand their margin over the MRs,” adding that it’s typical for the largest vessels in any sector — VLCCs in crude, capesizes in dry bulk — to lead a market boom.

“In any bull market, it benefits the top dog,” he said. “It’s perfectly natural to expect the LR2s to expand.”

In a sideline interview after his appearance, Bugbee confirmed his numbers to TradeWinds, and said there had been more than one fixture above the $100,000 mark.

“That does not mean I’m saying it’s where the market is,” he added. “The market may be $85,000, but ships have been fixed above $100,000.”