# LR2 tanker earnings surge as clean freight market strengthens

- **Source:** https://pelavox.com/lr2-tanker-earnings-middle-east-routes/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-10-26T16:00:00+00:00
- **Updated:** 2026-10-25T10:02:35+00:00
- **Section:** Markets
- **Type:** News
- **Topics:** Baltic Exchange, Clean Tankers, Freight Rates, LR1 Tankers, LR2 Tankers, Product Tankers, Tanker Market

The clean tanker market recorded further gains on major Middle East routes, with estimated earnings for LR2 vessels exceeding US$300,000 per day, according to the latest weekly report from the Baltic Exchange, published on 23 October 2026.

The increase was particularly evident on routes connecting the Middle East Gulf with Japan and Northern Europe. However, the market showed contrasting developments in the Mediterranean, where LR2 earnings declined significantly over the same period.

## LR2 tanker earnings exceed US$300,000 on key routes

On the Middle East Gulf–Japan route (TC1), covering 75,000-tonne cargoes, the Baltic Exchange index increased by 92 Worldscale points to WS1075. The corresponding Baltic round-trip time charter equivalent (TCE) rose by US$28,600 to US$313,200 per day.

The Middle East Gulf–UK Continent route (TC20), assessed on a 90,000-tonne cargo basis, also strengthened. The voyage assessment increased by US$168,800 to US$21.51 million, corresponding to an estimated Baltic round-trip TCE of US$336,400 per day.

Conditions were notably different on the Mediterranean–East route (TC15). The assessment for 80,000-tonne cargoes declined by US$4.24 million to US$12 million, while the corresponding TCE fell by US$57,900 to US$115,100 per day.

The figures highlight the divergence in clean tanker earnings across major trading routes, with gains in the Middle East Gulf contrasting with weaker Mediterranean performance.

## LR1 and MR tanker markets show mixed movements

The Baltic Exchange also reported gains in the LR1 segment. On the Middle East Gulf–Japan route (TC5), the index increased by 121 points to WS1105, equivalent to estimated round-trip earnings of US$229,900 per day.

Meanwhile, the Middle East Gulf–UK Continent LR1 route (TC8) recorded an increase in its voyage assessment to US$16.28 million. The corresponding Baltic round-trip TCE rose by US$6,500 to US$250,500 per day.

Developments in the medium-range (MR) tanker market were mixed. The Middle East Gulf–East Africa route (TC17) recorded a marginal increase in its Worldscale assessment, although the corresponding estimated TCE slipped slightly to US$113,200 per day.

In the Atlantic, the Amsterdam–Rotterdam–Antwerp to US Atlantic Coast route (TC2) strengthened to WS207, with estimated round-trip earnings rising to US$12,900 per day. The MR Atlantic Triangulation Basket TCE also increased, reaching US$65,800 per day compared with US$63,400 previously.

The Baltic Exchange figures represent benchmark time charter equivalent assessments rather than confirmed earnings from individual vessel fixtures. They provide a comparative measure of prevailing freight market conditions across different tanker routes.

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Cite as: "LR2 tanker earnings surge as clean freight market strengthens", pelavox., 26 October 2026, https://pelavox.com/lr2-tanker-earnings-middle-east-routes/