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Long-range Clean Tanker Markets Rally on Higher Bookings

Long-range clean tanker rates rallied on Wednesday as buoyant demand for cargoes reduced vessel availability with expectations of further gains. Long Range 1 tankers, carrying 55,000 tonne loads from the Middle East Gulf (MEG) to Japan, reached W111.64 in the Worldscale measure, or $9,721 a day when translated into average earnings, its highest since mid December last year. That compared with W109.28 or $8,920 a day on Tuesday and W102.86 or $6,779 a day last Wednesday.