- LRs and VLCCs softened, while Suezmax and parts of Aframax firmed
- MRs showed mixed signals, with MEG stronger but Atlantic still under pressure
- Regional fundamentals continue to drive diverging rate performance
LR2 freight in the MEG eased modestly, with eastbound rates slipping and westbound earnings also lower week-on-week. Mediterranean LR2 runs stayed broadly unchanged, offering some stability. LR1s followed a similar path, with MEG rates falling and westbound voyages ending the week lower, while UK-Continent activity remained flat with little movement.
MR & Handymax: Mixed but Selective Support
MR rates in the MEG recovered mid-week before easing back, ending slightly firmer overall. In contrast, UK-Continent MR freight declined again, dragging TCEs sharply lower. The US Gulf MR market showed signs of stabilisation, with off-market activity preventing further downside. Handymaxes saw strong gains in the Mediterranean, although UK-Continent Handy routes weakened modestly.
VLCC: Sharp Mid-Week Correction
VLCC markets corrected lower across all key routes. MEG to China rates fell sharply, while Atlantic Basin routes also lost ground. Long-haul US Gulf exports eased notably in dollar terms, reflecting softer sentiment and reduced momentum as the week progressed.
Suezmax & Aframax: Atlantic Strength Offsets Med Weakness
Suezmax rates firmed in the Atlantic and Mediterranean, supported by tighter tonnage and steady demand, while MEG levels stayed broadly unchanged. Aframax markets were mixed: North Sea and Mediterranean softened slightly, but Atlantic routes strengthened sharply, especially shorter-haul voyages, keeping overall sentiment positive in that basin
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Source – Baltic Exchange
