- Dirty markets stayed firm, led by strong crude demand and long-haul trades
- Clean markets were active but showed softer momentum toward year-end
- Holiday slowdown is starting to shape near-term fixing behaviour
Dirty tanker markets closed the week on a steadier footing after strong performances earlier in Q4. VLCC rates eased slightly across most routes as enquiries slowed and tonnage availability improved, particularly in the Middle East and West Africa. Despite this, earnings remain historically strong, supported by long-haul crude movements and high utilisation levels. Suezmaxes continued to outperform in the Atlantic, where tighter lists allowed owners to push rates higher, while Aframaxes showed mixed trends depending on region.
Clean Tankers: Activity Remains, but Momentum Fades
Clean markets stayed busy through much of the week, especially in the Middle East, where LR2 and MR activity picked up around prompt dates. However, sentiment flattened toward the end as charterers became more selective ahead of the holiday period. In Europe, MR and Handy activity was uneven, with rates largely stable but lacking fresh drivers. Owners are now focused on securing safe itineraries rather than pushing levels aggressively.
Regional Highlights
In the Atlantic, crude demand from Brazil and West Africa provided underlying support, though limited fresh enquiry capped further upside. Mediterranean markets saw earlier strength fade as December programmes were largely covered, shifting attention to a quieter January. In Asia, fixing slowed across most segments, with limited new cargoes and growing tonnage lists placing downward pressure on rates.
Outlook: Cautious into the New Year
With Christmas approaching, market activity is expected to thin further. While fundamentals remain supportive—particularly for crude tankers—rate volatility is likely as fixing windows narrow and owners prioritise coverage. The tone into early 2026 will depend on how quickly post-holiday demand returns and whether long-haul flows remain intact.
Did you subscribe to our daily Newsletter?
It’s Free — Click here to Subscribe!
Source – Gibsons
