Sweden’s Concordia Maritime has called this year’s weaker product tanker rates “a bump in the road” as it remains bullish on long-term prospects.

Chief executive Erik Lewenhaupt said a milder than expected winter hit demand, while there was less output from the Middle East and the US Gulf as refinery maintenance season began.

More short-haul trips due to stockpiling of Russian fuel ahead of the European Union ban has also seen tonne-miles fall.