Freight rates for Medium Range tankers sailing to the US Atlantic Coast from Northwest Europe have fallen Worldscale 20 in recent sessions to a seven-week low amid a closed gasoline arbitrage, shipping sources said Friday.

The rate on the UK Continent to trans-Atlantic route, basis 37,000 mt, was assessed Thursday at w140 ($15.82/mt), the lowest since December 13, according to S&P Global Platts data.

“Another dull day has passed for MRs in Northwest Europe as the gasoline arbitrage to the US remains firmly shut,” a shipbroker said.

“With US and West Africa Volumes volumes extremely light, pressure is building on rates with the Baltic to trans-Atlantic run, basis 37,000 mt, reported at w145. MRs in from the Baltic region [to UK Continent] have also softened with the Baltic to UKC trip, basis 40,000 mt, reported at w157.5.”

Source: Platts