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Apr 28, 2020
Do you want to quickly track LR2 and LR1 switching between clean and dirty markets?
IHS Markit Commodities at Sea allows users to easily understand balances in both markets and track fleet metrics by identifying clean and/or dirty units historically or even focus on specific age groups and operating regions.
Most recent data by IHS Markit Commodities at Sea suggests that utilisation rates for LR2 have improved, while those for LR1 have actually declined. The decline for the latter is only marginal in the clean sector, with much more losses to report in the dirty market. Meanwhile, utilisation has surpassed 50% in late April for clean LR2s, while around 20 ships have returned to the market since last month having switched from the dirty market.
Additional demand has been supported by the rapid increase in floating storage of refined products across the world and the higher congestion in North Western Europe and the Mediterranean. The number of laden LR2s employed in the clean market has increased by more than 30 units since last month. Meanwhile, the clean LR1 fleet has increased as well, but with additions remaining below ten units since late March. Rates in the clean market have been rather strong lately, with current market conditions suggesting several units could be employed for floating storage in the coming weeks.
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