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Clean Tanker Premiums Rise Following Red Sea Attacks: Platts

FREIGHT

Clean tanker freight premiums have surged following concerns over shipping security in the Red Sea, according to Platts.

  • Owners are now inserting the option of Persian Gulf-Europe routes including the Cape of Good Hope option.
  • "Market is already factoring in a situation where longer voyages will tighten supply further," one of the charterers for Long Range, or LR, tankers told Platts.
  • On the LR2 tankers with capacity of up to 90k mt, the Cape route has a premium of $950k, compared to $400k on Dec. 15, brokers said.
  • The increase in case of LR1 premium is estimated at $750k-$900k from $350k-$400k at the end of last week, Platts said.
  • The Cape option can be exercised by the ship owning company at its own discretion but at the charterer's expense, Platts said.
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