Market update: Strong tanker market due to sanctions and high demand for oil
The product tanker market has strengthened significantly during April and May, with market rates at much higher levels than for both Q1 2022 and the full year 2021. At the end of May, average spot market earnings for an MR vessel (clean) was about $36,000 per day*. The time charter market has also strengthened and a three-year contract for an MR tanker is currently $15,000-18,000 per day, depending to some extent on the vessel’s design. For a suezmax vessel, average spot earnings are about $22,000 per day**. Volatility in the segment has been high during April and May, with occasional peaks