Clean LR2 freight at almost four-year highs as Red Sea conflict squeezes supply

Clean tankers’ freight rate for Europe-bound voyages Jan. 25 hit its highest level in almost four years, as longer voyages via the Cape of Good Hope amid the Red Sea crisis have led to increased turnaround time for ships and squeezed supply. Platts assessed Persian Gulf-UKC Long Range II, or LR2s, at $8.25 million Jan. …

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