VLCC rates surged this week as the escalating Middle East war cut Strait of Hormuz transits to just three vessels on Wednesday, against a ten-day average of 17, pushing Fujairah-Southeast Asia to WS 830 and AG-loading rates above USD 1 Mn per day. A USG-East fixture reached USD 50 Mn, up from USD 34.5 Mn earlier in the week. Suezmax rates hit unprecedented highs, too, with WAFR-East climbing to WS 530 from WS 480 and TD6 firming to WS 500, though repeat fixtures at that level suggest further Atlantic gains need testing. East of Suez, WS 975 was seen on subs for Fujairah-WCI. Aframax markets firmed on both sides of Europe: Mediterranean TD19 reached WS 440 on subs ex-Ceyhan and made it to WS 510 by Friday, while North Sea TD7 built steadily off a Med-run floor to surpass WS 300 midweek, closing at WS 305 with further upside likely.
AG LR2 rates climbed on tight westbound tonnage, reaching USD 7.5 Mn via Bab-el-Mandeb basis UKC, with naphtha runs East firming to WS 330. AG LR1s strengthened as the list tightened on off-market activity, with TC5 up over 100 points to WS 390. Med MRs firmed through the week, with WS 190 subbed for UKC and WS 225 for Med, up 25 and 50 points. Handies saw X-Med pay between 30 x WS 180 and 30 x WS 190. NWE MR tonnage tightened as WAFR, SAFR and Brazil stems absorbed short-haul availability, with TC2 trading up to WS 150 and WAFR tested at WS 220 for Tema; sentiment remains firm into next week.