Fairplay: LR2 Exception Softens Blow for Tankers

“US Broker Poten & Partners sees a bright spot even though tanker fixtures had a nasty drop in 2010, caused by weak global demand. It noted that the Aframax LR2 sector bucked the trend with volume expansion that was derived from growing Asian demand for refined products. LR2 activity showed a slight shake-up, as Vitol replaced BP as the top charterer, with a market share of 8%. Still, total fixtures for 2010 were 5,218, down 8.3%, or by 470 fixtures from 2009 levels. LR1 chartering in 2010 declined by 56 reported fixtures, or 7.3% from 2009 levels, reflecting a weaker Persian Gulf/UK Continent trade, said Poten, which said the figures painted a sobering picture of the developed world’s economic health.”