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Asian Naphtha Demand Boosts Product Tankers, Morgan Stanley Says

April 30 (Bloomberg) -- Strengthening naphtha demand from Asian petrochemical plants is boosting charter rates for product tankers hauling the feedstock, Morgan Stanley analyst Fotis Giannakoulis said in a report.

Long-Range 1 vessels shipping the cargo to Asia from the Middle East are earning almost $14,000 a day compared with $5,214 at the end of March, according to data from New York based shipbroker Poten & Partners.

The ships may also start making longer voyages should European oil refineries maintain output cuts as that could spur an increase in diesel cargoes from Russia, Giannakoulis said.

To contact the reporter on this story: Alaric Nightingale in London at anightingal1@bloomberg.net

To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net

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