Clean product tanker spot rates inched upward on Tuesday to their highest level in eight months amid a flurry of fixture activity for MRs in the Atlantic front-haul trade and for LR1s in the Middle East.
The Baltic Clean Tanker Index (BCTI) gained 6 points in the day, bringing the index to 636, which was the highest level that the index has been since 31 March.
The gains came as MR tankers on the key trade lane between Europe and the US east coast, known as the TC2, saw time-charter equivalent (TCE) rates surge 14% on Tuesday to $9,246 per day, according to Baltic Exchange data.
Shipbroker Howe Robinson Partners said some nine MR tankers were fixed on subjects over the course of the day amid an upturn in enquiry and chartering activity.
But the London company warned that a "decent number" of ships in ballast were headed back to capture cargoes in the next chartering window.
"Owners will be hoping all these subs are concluded to prevent the tonnage list from becoming bloated with ballasters," the broker said.
Two of the Atlantic MRs were fixed at between Worldscale 162.5 and 170 for trips from the Antwerp-Rotterdam-Amsterdam region to West Africa, Howe Robinson said.
Baltic Exchange data showed rates on the route at just under WS 161 a day earlier.
Despite the rise in the front-haul Atlantic route, the triangulated Atlantic trade, including the backhaul from the US Gulf Coast to Europe, barely moved.
Howe Robinson assessed the basket at $13,385 per day eco tonnage on Tuesday, a tad higher than the $13,085 per day on Monday.
In the LR1 market, there has also been a rise in activity in the Middle East market, with eight ships booked so far on subjects this week.
Howe Robinson assessed TCE earnings for eco tankers on the TC5 route to Japan at $9,341 per day on Tuesday, up from $8,723 a day earlier.
That could rise further as some 10 to 15 cargoes were being quoted in what the broker said was a well-balanced market.
