Among crude tankers, VLCCs experienced the strongest gains. Demand for prompt cargoes surged while vessel supply tightened, partly due to disruptions around the Strait of Hormuz and growing security concerns in the Middle East. Rates in the Middle East rose dramatically, with Fujairah-East more than doubling during the week, and Atlantic routes also strengthened as increased Brazilian exports to China boosted tonne-mile demand. Owners retained significant negotiating power amid scarce tonnage. Suezmaxes followed a similar trajectory. After a cautious start, rising enquiry and cargo splitting from the VLCC segment tightened vessel availability and pushed rates sharply higher across West Africa, the Black Sea, the US Gulf, and East of Suez. Market momentum remained strongly in owners’ favour going into the following week. Aframaxes saw a mixed but positive performance. Mediterranean rates strengthened steadily on active cargo demand and improving sentiment across tanker markets, while the North Sea remained comparatively subdued, though firmer neighbouring markets supported a stronger finish.
As for product tankers, LR2s were supported by improved activity from the Arabian Gulf. Despite some early rate softening, vessel lists tightened, highlighted by an exceptionally high AG-West fixture reflecting Middle East transit risk. LR1s also operated in a tight market, with naphtha rates easing slightly but regional exports and expectations of increased product flows supporting optimism. MRs showed contrasting regional trends. In Singapore, robust short-haul demand removed prompt tonnage and lifted rates sharply, whereas Northwest Europe remained oversupplied, keeping transatlantic rates largely steady despite modest gains on some routes. Overall, product markets East of Suez remained firm, supported by constrained vessel availability and strong regional demand, but those farther west had limited success.