Spot rates for medium-range (MR) tankers are sinking in the Atlantic market as eastbound weakness outweighs recent fronthaul improvements.

The average time-charter equivalent rate on the triangular trade between Europe, the US Atlantic Coast and US Gulf of Mexico sank 7% today alone, bringing it to $17,300 per day.

That contributed to a 12.3% plunge from this time last week, when rates in the Atlantic basket stood at nearly $19,800 per day.

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