Freight rates and chartering activity for MR tankers declined drastically in May because of weak demand. Drewry expects firmness in demand for transportation fuel in the US and Europe will support MR rates in the upcoming summer driving season. However, the overcapacity in the MR sector will cap any surge in rates. Meanwhile, tonnage demand in Asia will continue to be affected by the current heavy refinery maintenance and lower products exports quota in China. Lower product exports from the country have weighed heavily on the MR tanker rates in the region as its products exports touched a three-month low of 3.3 million tonnes in April, down about 22% month on month.
展开▼
