Long-range products carriers led a decline in spot tanker rates this week.
The average spot rate for LRs plunged by 34% to nearly $12,900 per day, according to a weekly TradeWinds survey of shipbroker estimates. Smaller LR1s dropped to an average of nearly $8,830 per day, down 22.6% from the close of last week.
UK brokerage Howe Robinson saw what could be a floor to recent declines on the benchmark LR1 route from the Middle East to the Far East.
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