Tanker Charters Secure Long-Term Revenue Streams

Three product tankers have been secured on three-year charter agreements, indicating a positive outlook for long-term engagements in the sector. These arrangements are projected to generate substantial aggregate gross revenue over their duration.

Two LR2 product tankers, the *STI Gladiator* and the *STI Jermyn*, have commenced their respective three-year charters this month. The *STI Gladiator* is operating at a daily rate of $40,188, while the *STI Jermyn* has secured a daily rate of $42,500.

An MR product tanker, the *STI Pontiac*, has also entered a three-year charter. This vessel's agreement is set at a daily rate of $30,000. The charter for the *STI Pontiac* is scheduled to begin in July.

These charter rates reflect current market valuations for product tanker services. The extended duration of these agreements provides a degree of revenue predictability for the vessels involved.

Such long-term commitments are a common strategy within the shipping industry to stabilise financial performance and manage operational planning. The commencement of these charters across different vessel classes highlights ongoing activity in the product tanker market.