The crude tanker market experienced a subdued start, with VLCC activity muted and charterers using the quiet environment to push rates lower. Early‑week fixtures offered some direction, but momentum faded as the week progressed. Despite limited visible enquiry, several ships quietly went on subs, indicating hidden activity. Brazil and East of Suez regions provided the main pockets of support: strong Fujairah–Goo demand, driven by a single charterer taking a large position, helped stabilise eastern sentiment, while steady Brazilian flows prevented a sharper global decline. If these volumes persist, the market could find a firmer footing next week.
Suezmaxes in the West also softened early, with Ghana-East runs slipping to WS 192.5 before rebounding to WS 195 as midweek enquiry improved. Guyana rates eased to around WS 190, and CPC tonnage oversupply pushed Black Sea-Med rates down to WS 240. In the AG, heavy vessel build‑ups led to 16 offers on a single Yanbu cargo, collapsing rates by 60 points to WS 225 and prompting more ships to ballast toward the Cape. Aframax markets weakened sharply: Med rates plunged to WS 175, 65 points below last week, while North Sea rates also drifted down to WS 180 amid long lists and limited activity.
The product tanker market remained dominated by the ongoing closure of the Strait of Hormuz, which continued to suppress AG activity and shift focus toward the Red Sea. LR2s faced a particularly weak week as peripheral cargoes from Sikka and Oman failed to materialise, leaving Red Sea shipments as the only meaningful outlet. Rates have held up but risk softening further. Westbound demand remained thin, and short‑haul AG voyages were scarce.
In Europe, MR rates corrected steadily downward as growing tonnage lists - bolstered by ballasters from SAFR, WAFR, and South America - met limited enquiry. TC14 fell to WS 155, while TC2 and ARA‑Med also slipped. Med MRs saw early‑week activity but remained oversupplied, with more pressure expected as additional ballasters arrive next week.