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.