Frontline has achieved its best ever rates for LR2s in a second quarter that has reaffirmed its view that a cyclical upturn is underway for tankers.

The Oslo-listed John Fredriksen company said spot rates to 30 June for the product carriers were $38,600 per day, with VLCCs trailing on $16,400 and suezmaxes on $26,500.

Chief executive Lars Barstad said: “Frontline’s fleet of LR2 tankers took centre stage in the second quarter of 2022, during which period we achieved the highest quarterly TCE [time charter equivalent] we have recorded on this vessel class.”