Product tanker
LONDON, UK, Feb 16 (GCTL) - Freight rates for MR product carriers improved in the last quarter of 2011 owing to an increase in chartering activity across major trade routes in this segment, and overall, reported spot chartering activity increased by 18 percent in 4Q11, according to Drewry Maritime Research’s latest Tanker Forecaster report.
Considerable improvement was observed on the Mediterranean region where the activity increased by 49 percent over the quarter followed by the North West Europe (26 percent) and Singapore (17 percent), said the report which looks at how surplus tonnage is placing a burden on crude tanker freight rates in the short and medium term, however, product tankers especially MR tankers, are expected to perform better in the coming years.
Of the vessels which operate in the product fleet, the MR tankers stand out as having the greatest earnings potential in the long term. Drewry Maritime Research expects that the fleet growth is likely to be restricted on account of low ordering in this segment.
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