Scorpio Tankers Reports $181,000-a-Day LR2 Rates as Middle East War Upends Oil Trade

Scorpio Tankers is reporting a sharp surge in tanker earnings as the war in the Middle East disrupts global oil flows, with its LR2 product tankers securing bookings averaging $181,000 per day so far in the fourth quarter.

The figure represents a roughly 150% increase from the $72,283 per day its LR2 fleet earned during the third quarter, highlighting the extraordinary freight market conditions facing tanker operators as the conflict reshapes trade routes and vessel availability.

In its third-quarter earnings release Wednesday, Scorpio said the war has disrupted traditional shipping routes, lengthened voyages and left tankers geographically displaced, tightening vessel supply and pushing freight rates higher.

The strength extends beyond the larger LR2 class. Scorpio’s medium-range (MR) product tankers have secured fourth-quarter bookings averaging $56,000 per day, up from $31,183 in the third quarter, while Handymax tankers are averaging $40,000 per day, compared with $24,253 previously.

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