Tanker Rate Hike from Hurricane Aftermath Short-Lived

The spike in freight rates for product tankers in the aftermath of the Hurricane Harvey is expected to be short-lived. Product tankers saw a 35-40 percent lift in spot rates since the hurricane made landfall on Texas on August 25, shutting down refineries. The tanker industry is taking advantage from the initial uncertainty caused by the hurricane’s impact, however, the freight rate increase will be a short-term thing.

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