Time charter rates for MR product tankers have risen to their highest level for two years thanks to a strong spot market.

Average earnings for eco ships remain strong this week at $47,400 per day, Clarksons Platou Securities calculates.

This is down by 14.1% week on week as numbers from the US Gulf have eased somewhat.

Rates had topped $56,000 a week ago as tonne miles increased due to cargo owners moving away from short-haul Russian diesel exports to Europe.