01JUL2019 - NEWS - Americas clean tanker owners cautiously optimistic for Q3

The shutdown of the 335,000 b/d Philadelphia Energy Solutions refinery on the US Atlantic Coast after a June 21 fire should provide a welcome boost to Americas clean tanker freight rates at the start of the third quarter. The distribution of IMO 2020-compliant fuels is also expected to provide a significant increase in ton mile demand, significantly lifting rates toward the backend of Q3. Shipbrokers forecast freight for the 38,000 mt USGC-trans-Atlantic route to be around w95 for the third quarter, up 10% from the Q2 average.