VLCC rates have softened amid declining activity, particularly in the Atlantic. In the US Gulf, a fixture failed at USD 71 Mn, indicating weaker demand.
Suezmax rates remain high due to Middle East tensions, while the Aframax segment is facing pressure as tonnage availability increases.
The product tanker market is mixed; LR2 rates surged briefly but have since leveled off with limited new enquiries. The AG LR1 market remains firm on the back of high Westbound rates but lacks momentum, and MR rates have softened as NWE activity declines.