The crude tanker market experienced a generally subdued week, particularly for VLCCs, where limited visible activity allowed charterers to drive rates downward early on. Sentiment remained soft for much of the week, although a late increase in activity in the East suggested potential for recovery if volumes improved. Low vessel availability continues to provide some underlying support, and owners began to show greater resistance towards the end of the week.
Suezmaxes followed a similar trajectory, starting the week with weak enquiry and ample tonnage, keeping rates under pressure. However, as the week progressed and activity gradually increased - supported in part by a stronger US Gulf Aframax market - rates stabilised and firmed. By the close, prompt tonnage had tightened, and owner sentiment had improved, with key routes holding steady or repeating at slightly firmer levels. Aframax markets were more positive overall, particularly in the Mediterranean, where tighter tonnage drove an early spike in rates. Although levels later plateaued, continued activity suggests further upside potential. In the North Sea, rates showed modest firming, supported by gains in surrounding markets.
In the product tanker segment, AG LR2s saw a notable increase in activity compared to previous months, with rates improving modestly across key routes and renewed interest in the Red Sea. LR1s were steadier but quieter, with rates largely unchanged and sufficient vessel availability.
MR markets remained subdued due to Posidonia disruptions, though a late-week uptick in enquiries points to possible improvement. Handysize markets were weak, with limited activity and declining rates, although a slight increase in fixtures may signal early stabilisation.