Trader Vitol is said to have extended for 12 months the charter of a modern long-range-two (LR2) products tanker in the fleet of SCF Group (Sovcomflot) wing Novoship but at a relatively low rate.

The DSME-built, 118,000-dwt Viktor Bakaev (built 2013) is said to have been taken at $16,250 per day, which is just $750 per day more than some vintage LR2s are said to have fetched for the same period.

However,