MR tanker rates have jumped back up again as more cargoes emerged in the Atlantic.
Clarksons Securities estimates average spot earnings at $36,800 per day, up 25% in 24 hours on Wednesday.
Increased loadings were noted from both north-west Europe and the US Gulf.
This is being primarily driven by a petrol arbitrage where US prices significantly exceed European ones.
US gasoline inventories, following a marked drop last week, are now about 6% below the five-year average, the investment bank said.
The US is entering its peak driving season and if demand continues to grow, further trade activity could be anticipated, Clarksons Securities added.
The week had begun with rates under pressure after having fallen 5% last week.
“The bigger picture continues to be that, as a result of Russian product sanctions, oil products are increasingly being transported over longer distances. European stockpiles are gradually depleting, indicating a significant future potential for increased tonne-mile demand,” the investment bank said.
UK shipbroker Howe Robinson Partners said there was a busy market for MR1s heading from Europe to the US.
Multiple cargoes were quoted, with rates moving up in consistent steps as Worldscale 185 was paid, or about $24,700 per day.
Spike not about to be repeated
The broker reported “a handful of cargoes remain outstanding”, but does not expect a similar jump by the end of Wednesday.
In Asia, MR2s from the Middle East Gulf to Japan saw a handful of fresh fixtures to start the week.
But tonnage for May remains well balanced with five ships free.
However, for dates between 1 and 10 June, the position list opens up slightly, with a further 21 modern units available, the London shop added.
Ships ballasting over from west of Suez are also a contributing factor, in particular for the Red Sea trade, the broker said.