The crude tanker market showed a gradual strengthening over the week, despite a fragmented start. VLCC activity in the East was initially tentative, while the Atlantic began to signal an upward correction, becoming clearer by midweek. Brazil‑East runs moved from the mid‑WS 110 upwards, ending in a a failed deal at WS 185, illustrating rapidly firming sentiment. Activity in the Arabian Gulf remained subdued due to owner caution and geopolitical uncertainty surrounding the proposed US-Iran deal, but this did not prevent an overall firmer tone. Suezmaxes in the Atlantic also benefited from balanced tonnage and supportive fundamentals, with WAFR rates rising. Aframax markets were mixed: the Mediterranean softened early but appeared to bottom by week’s end, while the North Sea held steady around WS 140. Overall, crude markets closed the week stronger.
Product tanker markets were quieter, particularly in the AG, where LR2s experienced pauses between deal cycles due to logistical constraints and limited Red Sea exports. Sentiment improved slightly following news of a US-Iran memorandum of understanding. LR1 demand was similarly muted, with most activity originating from the Red Sea and short‑haul rates softening. In Europe, Med MR activity was thin, with rates such as WS 140 TA and WS 185 Med reflecting a soft undertone. NWE MR rates also softened as more tonnage appeared and USG demand weakened, pushing TC14 down to WS 150. Overall, product tanker sentiment ended the week softer, though some segments may have reached a floor.