Tradewinds: Naptha Fires LR1 Rates

“A surge in Asian demand for naptha is behind a recent rally in long range one (LR1) spot rates, according to a leading tanker analyst. The increase in fixtures has pushed rates on the Arabian Gulf to Far East route to as high as of $19,100 per day from $7,600 daily at the start of October, US-based Poten and Partners said in its weekly report. It said the resurgence in demand growth was unsurprising as recent data suggests Asian economies are on the mend.”