The product tanker market is only getting stronger and stronger, owners say.

Ardmore Shipping chief executive Anthony Gurnee said he has fixed ships at $100,000 per day during the second quarter in a “spiky, buoyant market”, while Scorpio Tankers’ Robert Bugbee said much of the market has no idea how good things are.

“In terms of rate levels, they are extraordinary,” Gurnee said during a panel at the Marine Money Week conference in New York on Wednesday.