MR tankers enjoyed “significant” rate rises on Tuesday as European imports boosted the market. Average rates for vessels in the Atlantic basin jumped 45% in 24 hours, hitting $51,000 per day. This was largely driven by a large spike for products headed to Europe, Norwegian investment bank Fearnley Securities said. The rate is also up 133% week-on-week. Tankers operating east of Suez are being fixed at above $60,000, Fearnleys reported.

Clarksons Securities also noted the market continues to improve. MR eco-earnings had peaked at $67,000 a day in early August before declining to $35,000 per day, the investment bank said. But in recent weeks, “the Pacific basin has gradually strengthened, while the Atlantic basin has recently made a big comeback”, its analysts added.

UK shipbroker Howe Robinson said MR rates on the 37,000-dwt TC2 route from Rotterdam to New York jumped because of a charterer needing an additional vessel off prompt dates for a West African voyage. Limited tonnage was available for the work, dragging the transatlantic rate up Worldscale 37 points to WS 257.5 for a vessel on subjects from Pembroke in the UK. The London-based shop described owners’ sentiment as “bullish”. “A market cargo from Sines has thus far struggled to attract many offers — three at last count, with levels in the high WS 200s for transatlantic,” the broker added.

Cross-Mediterranean trips are seeing “decent” enquiry levels that continue to trim tonnage supply and tighten up availability, Howe Robinson said. “Paper trading [is] way higher for the remainder of September, around WS 255 levels and even higher for October, so as long as the cargoes keep coming, we could be in for some very sharp rate rises,” the broker added.

Tanker rates improved across all segments on Tuesday, with average VLCC rates now up around 60% from last week to $48,000 per day from the Middle East to Asia. Scrubber-fitted eco ships are now earning $71,000 per day, versus older vessels without scrubbers on $43,000. Average LR2 rates rose 10% week-on-week to $68,000 per day.