Freight rates for clean products tankers to Asia are hitting modern lows this year as growing regional surpluses mean less cargo demand.

The Baltic Exchange’s assessment for time charter equivalent (TCE) earnings for long-range-one (LR1) tankers on the TC1 route sat at $12,037 per day as of Tuesday. Earnings on the Baltic’s TC5 route for medium-range (MR) tankers was assessed at $10,037 per day on the same day.