The global middle distillate market looks finely poised for this quarter as we enter a period of seasonally higher diesel consumption in the Atlantic Basin and rising east to west shipments.
Elevated naphtha exports from Europe supported long-haul voyages in favour of LR2 tankers. Yet, will this trend contribute to uplift LR2 freight rates?
The recent drop in US refinery throughput following the North American winter storm has strengthened transatlantic gasoline flows, while exerting pressure on Medium Range (MR) tankers operating in the Americas. But looking forward, the tables could be turned.