Lloyd’s List: Medium Range Tanker Rates Inch Up on More Atlantic Cargo

“US gasoline imports rise slightly but brokers warn overall demand is still low . . . Lower US gasoline demand has come about due to consumers feeling the pinch of high gasoline prices when filling up their cars and has therefore reduced vessel demand for MR tankers in the Atlantic throughout most of July. Highlighting the cut in US demand, since reaching around 22m barrels per day in early 2007 US demand for refined product dwindled to just under 19m bpd by July this year, according to US brokers and consultancy Poten & Partners. US refineries were running at levels of 88% utilisation nationally and a ‘paltry’ 72% on the East Coast, the US consultancy said in a report earlier this month.”