The crude tanker market opened the week quietly, with VLCC activity muted and sentiment softening after a Brazil–China fixture fixed below last done, undermining owners’ hopes for firmer levels. There was little visible activity for VLCCs at the beginning of the week, but despite limited enquiry, elevated tonne‑miles kept lists from lengthening excessively. Eastern markets remained largely inactive, with geopolitical uncertainty - particularly US-Iran discussions and the continued closure of the Strait of Hormuz - limiting visibility. Suezmaxes in the West saw rates fall sharply as tonnage increased, with WAFR levels correcting to WS 170 and CPC easing to WS 232.5. In the East, the Hormuz closure forced ships to ballast via the Cape of Good Hope, leaving the market stuck in a miserable position. Aframax markets in both the Mediterranean and North Sea were similarly subdued, with weak sentiment and steady but uninspiring activity.
Product tankers also faced a soft week. LR2s in the AG saw little improvement despite the return of STS activity off Oman, with a Sohar–Japan naphtha run fixing at WS 180 - well below recent norms. Red Sea exports slowed, and although some VLCCs transited Hormuz under government‑to‑government arrangements, this did little to lift LR sentiment. LR1s remained oversupplied, with TC5 slipping to WS 205 and Red Sea naphtha easing to WS 325. MRs in the AG weakened as more ships re‑entered the window, pushing TC17 down to WS 325 before a minor rebound. North Asia was particularly challenging for LR owners, with scarce cargoes and falling rates, while Southeast Asia saw TC7 gradually erode toward WS 300 amid abundant tonnage.