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OIL PRODUCTS
In June, Suezmax and VLCC exports of clean products reached an unprecedented high of 490 kbd according to Kpler data.
- The recent rise has been driven by the substantial rate spread between LR2s and dirty tankers, which exceeded $30,000/day in May it said.
- This incentivized owners to clean up dirty tankers.
- The earnings spread between LR2 and Suezmax has recently narrowed due to a decline in LR2 rates having previously been supported by Houthi attacks.
- Preliminary Kpler data for July suggests that clean exports on Suezmaxes will slightly decrease to 240 kbd, with a further drop likely in August if the spread remains low.
Source: Kpler
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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