Crude tanker markets were mixed across vessel classes. VLCC activity remained subdued in the Atlantic, particularly from West Africa, while the Arabian Gulf provided support through a steady flow of cargoes. Despite a late-week recovery, benchmark VLCC routes finished below earlier levels. Suezmaxes were the strongest segment, with tightening tonnage and sustained enquiry pushing West Africa, Brazil, and Guyana rates up to around WS 245, while owners resisted lower levels in the CPC and Mediterranean markets. The US Gulf remained relatively quiet. Aframaxes showed divergent regional trends: the Mediterranean softened midweek before recovering as prompt tonnage was absorbed, with TD19 ending at WS 160 and expected to strengthen further. In contrast, the North Sea market stayed weak due to limited enquiry and ample vessel availability.
Product tanker markets remained generally soft, although conditions varied by segment. LR2 rates in the Arabian Gulf came under pressure from limited demand and increasing vessel availability, while Red Sea business showed modest improvement. LR1s displayed tentative signs of recovery, with some firmer intra-Gulf activity despite an overall oversupply of tonnage weighing on export routes. Mediterranean MRs experienced a relatively active week, with around 15 fixtures reported, but rates remained largely unchanged as a backlog of available vessels prevented owners from gaining leverage. Looking ahead, a stronger US Gulf market could reduce local tonnage and support rates. The North Sea MR market was the brightest spot, with vessel supply tightening significantly and TC2 rising to WS 130, while stronger US Gulf earnings continued to attract ballasting ships.