LR2 product tanker demand rose in the first nine months of 2026 even as the volumes of clean products loaded on those vessels fell sharply, a new industry report shows.
Sources published the item on 8 October 2026, summarising seasonal data for LR2 vessels. It records a 28% year-on-year drop in clean product volumes loaded on LR2 tankers during the first nine months of 2026, attributing the decline to disruptions in the Strait of Hormuz.
Despite the lower loaded volumes, tonne-mile demand for LR2 tonnage increased by 2% year-on-year, the report notes. The observation is attributed to Niels Rasmussen, Chief Shipping Analyst at BIMCO.
reports also reports that LR2 product tankers loaded on average 2.1 million barrels per day (mbpd) of clean ...
Divergent indicators in the LR2 sector
The figures outline a clear divergence between raw volume and distance-weighted demand metrics. A 28% fall in volumes loaded sits alongside a 2% rise in tonne-mile demand, presenting contrasting signals about market activity.
This divergence suggests that patterns of movement and shipment distance changed markedly even as fewer cargoes were loaded. That interpretation is an inference drawn from the two reported measures rather than a separately documented finding in the source.
What the numbers say and what they do not
The published data establishes the scale of the fall in loaded clean product volumes and the modest increase in tonne-mile demand, and it links the volume decline to disruptions in the Strait of Hormuz. Beyond those points the report does not supply further operational details, such as specific trade lanes, scheduling changes, or freight-rate movements.
Readers should note that the average loading figure returned in the report is presented incompletely in the summary available to The Maritime Gazette; it records an average of 2.1 mbpd for LR2 product tankers followed by an ellipsis. No additional volume breakdown or completion of that sentence was provided in the supplied factual notes.
The account in reports is concise in scope and cites BIMCO commentary through its chief shipping analyst, Niels Rasmussen. The items are dated 8 October 2026 and framed as an industry update rather than an exhaustive market study.
The juxtaposition of a substantial year-on-year fall in loaded volumes with a small rise in tonne-mile demand will be of interest to shipowners and charterers concerned with how cargo flows have altered since the reported disruptions. Any more granular assessment would require further data on routing, cargo sizes and fixtures that the supplied notes do not provide.
BIMCO's appearance in the report is limited to the quoted summary figures and to the analyst attribution; no direct quotation beyond those metrics is available in the notes supplied to The Maritime Gazette. The source and the analyst are identified in the reports item used for this briefing.
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