The product tanker market is looking healthier with each week that passes, with all segments firming up to levels last seen in early 2020, backed by increased geopolitical uncertainty, low reserves and increased demand.

Rates across multiple trade routes, especially Asia-Pacific, have reached new highs, with owners of modern LR1s and LR2s banking over $50,000 and $60,000 per day, respectively, while the MR segment is also earning spot rates in the $60,000 per day region, according to the latest Clarksons data.

Even hotter deals are only now coming to light with Ardmore Shipping chief executive Anthony Gurnee telling delegates at Marine Money’s event in New York yesterday that he has fixed some of his product tankers for as much as $100,000 per day in recent weeks.