Product tanker owners are riding ever higher on oil market woes, with vessel supply tightening across the globe.

Baltic Exchange data shows LR2, LR1 and MR earnings reached all-time highs earlier in the week as charterers fought for limited tonnage on the main trading routes.

Market players suggest the availability of vessels is dwindling due to port congestion, floating storage demand, unprecedented levels in the long haul naphtha trade and troubles at a major Singaporean operator.