Older LR1 product tankers finding new home in crude trades, broker says

In a reversal of recent trends, some aging LR1 tankers have made their way into crude trades.

Steem1960 Shipbrokers has identified around 30 such ships that had trickled into crude trades in recent years, an “unusual” move for the asset class that effectively wipes out the orderbook.

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“While this type of swing trade is common for the coated aframaxes, LR1s have to a larger degree stayed in their lane historically,” the Norwegian broker said.