Asian LR2 Tanker Premium Roll Back Amid Suez Canal Crisis

Capt. John
  • LR rates hit new 2021 highs
  • East bound naphtha cargoes stuck
  • West bound gasoil, jet fuel delayed

Long Range 2, or LR2, clean tankers rates across Asia have flipped to a premium in Worldscale points over the LR1s for the first time in 10 weeks as supply tightens and uncertainty rises over the delays for ships to cross the Suez Canal, reports Platts.

Bullish market

An already bullish scenario has been exacerbated by the traffic disruption in the Suez Canal where more than a dozen LRs are waiting...

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