MR tanker rate march over after Colonial Pipeline re-opens

A re-opening of the Colonial Pipeline after an explosion is likely to kerb a spark in medium range tanker earnings, analysts say.

Greg Lewis of Credit-Suisse says the closure of the pipeline led to a scramble for tankers, pushing rates on the TC2 route over $20,000 per day last week.

Fotis Giannakoulis of Morgan Stanley says the incident raised MR rates to $11,300 per day globally, a 42% increase week on week.