The VLCC market saw early pressure due to increased vessel lists and geopolitical tensions in the Middle East, but momentum improved later in the week, driven by rising rates in the US Gulf.
Suezmax rates in West Africa rebounded, but there has been a large disconnect between regions. Aframaxes have had a quieter week, with rates in the Atlantic Basin testing down.
On the product tanker side, the LR markets in the East of Suez remained inactive, with a lack of demand holding back tonnage utilisation, particularly affected by the ongoing conflict in the Strait of Hormuz impacting traffic and general sentiment across the product tankers segment.
In the West, it has been a quiet week, too, with a lack of activity across the LRs, MRs and Handies resulting in softening rates across the board.