Demand for LR2 product tankers remained resilient during the first nine months of 2026, with tonne-mile demand increasing 2% year-on-year despite a 28% decline in clean product volumes, according to BIMCO.
LR2 tankers loaded an average 2.1 million barrels per day (mbpd) of clean products during the period, down 0.8 mbpd from the same period in 2025. Clean product volumes loaded in the Persian Gulf fell sharply from 1.2 mbpd in 2025 to just 0.4 mbpd in 2026 following disruptions and the effective closure of the Strait of Hormuz.
However, the decline in clean products was more than offset by rising crude oil and heavy product volumes. These averaged 5.1 mbpd during the first nine months, an increase of 1.8 mbpd year-on-year. Overall, LR2s loaded 1.0 mbpd more cargo than during the same period last year, representing a 15% increase.
Despite higher cargo volumes, tonne-mile demand grew by only 2%, as average sailing distances fell 12%. Cargo lost from the Persian Gulf had generally travelled longer distances, while much of the additional crude and heavy product cargo was moved on shorter trades.
Higher volumes from the Mediterranean and the Americas accounted for 80% of the increase in crude oil and heavy product volumes. Major growth trades included US Gulf–North Europe, Venezuela–US, west coast Canada–North Asia and North Africa–Italy.
BIMCO Chief Shipping Analyst Niels Rasmussen noted that crude oil and heavy products carried by LR2s have increased alongside an 18% expansion in LR2 fleet capacity since the second quarter of 2025.
With a large LR2 orderbook and limited recycling potential, fleet capacity is expected to continue expanding. Meanwhile, a smaller Aframax orderbook and greater recycling potential are likely to constrain growth in the Aframax fleet, potentially increasing LR2 tankers’ dependence on crude oil and heavy product trades.