Bloomberg: Asian Naphtha Demand Boosts Product Tankers, Morgan Stanley Says

“Strengthening naphtha demand from Asian petrochemical plants is boosting charter rates for product tankers hauling the feedstock, Morgan Stanley analyst Fotis Giannakoulis said in a report. Long-Range vessels shipping the cargo to Asia from the  Middle East are earning almost $14,000 a day compared with $5,214 at the end of March, according to data from  New York based shipbroker Poten & Partners. The ships may also start making longer voyages should European oil refineries maintain output cuts as that could spur an increase in diesel cargoes from Russia, Giannakoulis said.”