Maersk Tankers has set up a new $150m credit facility to ensure it can pay owners during a period of high rates and bunker prices.

The pool operator pays shipowners every two weeks based on planned bookings and demurrage and needs the extra cash as the product tanker market returns to the booming rates of the summer.

An average MR voyage lasts about 30 days so several fortnightly payments are made without receiving income.