Texas winter freeze lifts product tanker rates
Time charter equivalent for one benchmark tanker trade has more than doubled amid a rush among importers to secure tonnage for shipments from Europe so as to fill the US supply gap. Rates may continue to see support from trade diversions as US refineries could take weeks to return to business as usual
‘This is a significant impact to one of the world’s largest concentrations of olefins capacities, just under 20% of the global total, and tops recent disruption seen in August 2020 from Hurricane Laura,’ WoodMac’s analyst says
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