The MR tanker market extended a rebound on Tuesday as rising activity levels helped thin the tonnage list, presenting the prospect that owners in the sector could find themselves in the driving seat again.

Howe Robinson Partners reported that rates on the triangular trade linking Europe to the US east coast and then from Gulf Coast back to Europe stood at $11,872 per day for eco tonnage.

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This is an 11% jump from the $10,674 per day on Monday and a 29.4% surge from the same day of the prior week, according to data from the UK shipbroker.

Rates on the trade found their bottom on Thursday when they hit $9,026 per day, after starting the year at nearly $15,500.

Non-eco MR product tankers could expect to earn $7,249 per day on Tuesday, a 20.5% jump from a day earlier and a one-week gain of 55.2%.

On the front-haul TC2 route from Rotterdam to New York, “there was no shortage of fresh enquiry as activity levels on the Continent showed no signs of slowing down”, Howe Robinson said in a daily report on Tuesday.

As the day closed, there were 10 cargoes still uncovered, although some of those cargoes could be withdrawn owing to a tender for fuel in Argentina.

Some 15 MR tankers were tied up on subs, and if those fixtures are concluded it will tighten the tonnage list and “could see rates continue to firm as the fundamentals swing back towards the owners”, the shipbroker said.

Rise on the front-haul

Rates on the route surged to Worldscale 140 to lift a 35,000-tonne cargo stem, compared with WS 130 on Monday and WS 120 a week earlier.

Rates on the back-haul TC14 from Houston to Amsterdam were less exciting. On Tuesday they stood at WS 85, which amounted to negative earnings of $1,575 per day for an eco MR tanker.

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This is unchanged from the day before, but better than the WS 80.4 a week earlier.

The cross-Mediterranean trade also remained unchanged on Tuesday at WS 180, although that was a one-week gain from WS 160 on the TC6 route.

“A handful of cargoes remain on the front end with tonnage still tight there, and the bad weather keeping itineraries uncertain for a number of vessels,” Howe Robinson said.

Rates could stay at WS 180 for the next few days.

“But after this, the tonnage does look to be rebuilding, and so a continued lack of enquiry would see the sentiment soften,” the shipbroker said.