Product tanker markets are showing signs of strain as demand shrinks amid industry reports of falling exports from the US and Middle East.

Global average spot long-range two tanker earnings have fallen by 52.4% over the past week to $62,900 per day, according to Clarksons Platou Securities.

LR1 tankers have fallen by 36.3% to $53,000 per day, and medium-tankers have seen their spot earnings slump 27.4% to $29,700 per day,

“The market is a dreadful reading. It looks like it’s the classic case of where there are too many ships chasing too few cargoes,” said the firm, which is the investment banking division of shipbroker Clarksons.