Market Snapshot: Key Developments And Outlook

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Despite a shortened trading week, the market witnessed strength across various segments. Rates for TD3 climbed, reflecting robust demand even with deals largely conducted off-market. Replacement deals saw higher numbers, particularly in the MEG/East, indicating continued activity despite approaching a quieter period between May and June.

Atlantic Dynamics 

In the Atlantic, prompter dates remained tight, with Petrobras securing favourable rates through clever dry-dock acceptability tactics. West Africa/East and USG/East routes maintained stability, while opportunities for June cargoes are still available, indicating sustained movement potential.

Suezmax and Aframax Markets

Suezmax market activity picked up notably in the West Africa theatre, with rates rising for Nigeria to UKCM routes. Mediterranean/Black Sea saw consistent activity, albeit with a slight downward trend. Aframax market in the North Sea saw steady rates, while US markets continued to attract vessels despite some decline in rates.

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Source: Fearnleys