Product tankers: growth of refining activity expected to support freight rate market.

An expected boost of refining activity across the globe is expected to boost demand for product tankers in the coming months. In its latest weekly report, shipbroker said that "in recent weeks, headline refining margins have surged to record levels, whilst clean tanker rates have also tested or exceeded previous records depending on the region/route. Rates remain volatile and with the International Energy Agency predicting that global refining runs will surge by 4.4 million b/d from April to August this year, owners have good reason to be optimistic in the short term. Yet, oil demand is...