Product tanker rates increased significantly this week with ships rerouting from the Red Sea putting further strain on already tight tonnage, according to analysts.
Clarksons Research reported LR2 eco earnings climbing 8% to $61,200 a day on Thursday while MR eco earnings were up 6.5% to $36,800.
The five-day moving average of product tanker vessel arrivals in the Gulf of Aden is down 58% on average levels from last week, it said. Declines in product tankers have been more marked than in the crude sector.
Seaborne oil flows via the Suez Canal could be two-thirds lower by the end of January as shipowners opt for longer routes around Africa rather than risk further attacks from the Iran-backed Houthi group.
Listed product tanker specialists Hafnia and Torm are among those companies who said they will avoid the Red Sea.
The alternative voyage avoiding the Suez Canal could add a fortnight to journey times and increase tonne-miles for tankers.
Shares in Oslo-listed Hafnia were up 2.2% to NOK 74.35, a rare positive among tanker stocks on Friday. US-listed Torm was down 0.66% at $34.42. The Baltic’s clean tanker index was up nearly 30% on the week to Thursday.
