The bullish run for medium-range (MR) product tankers may finally be happening, with 21 percent year-on-year (y/y) growth in fixtures from October 2014 to February 2015.

There were 2,259 fixtures in the last five months compared with 1,869 in the year-ago period, tanker consultancy Poten & Partners' analysis show.

The cause for the surge in fixtures was attributed to growing clean petroleum product (CPP) exports from the Middle East, the Caribbean, and the United States.

In the October 2014-February 2015 period, there were about 250 MR fixtures in the Middle East, up from just over 200 fixtures from a year earlier.

US exports to the Caribbean and to EC Mexico almost doubled from October 2014 to February 2015, compared to the prior year, from 108 to 192 cargoes. Fixtures to the other Latin American countries all increased, especially the relatively long-haul trade to Chile, which more than doubled, from 9 to 21 fixtures.

The most significant growth for MR trade during this period was the intra-regional trade around Europe, both in the UK/Continent (UKC) and in the Mediterranean. Total spot MR fixtures originating in UKC and the Mediterranean increased by 30 percent y/y to 207, of which 145 were in the Mediterranean.

Some growth was also seen in Indian CPP exports, although this was less significant than in the Middle East, Europe, and the United States.

The number of MR fixtures in India during the analysis period went up from 43 to 74.

Poten & Partners concluded, "In summary, the healthy product rates of the last six months were caused by both short-term and long-term factors. While some of the seasonal factors may be fleeting, it seems that the strong underlying fundamental factors will continue to boost the MR market in the coming years."