This week’s crude tanker market showed signs of losing momentum despite pockets of strength. In the VLCC sector, healthy US Gulf and Brazilian activity supported sentiment, while opportunities from Sidi and limited UKCONT tonnage helped owners maintain a firm stance. However, weak West African volumes and more eastern ballasters targeting Atlantic cargoes suggest rates may be close to peaking. Suezmaxes started strongly on the back of elevated CPC and Black Sea premiums, but limited Atlantic enquiry and growing vessel availability gradually shifted leverage to charterers, leading to softer rates by week’s end. Aframaxes weakened across both the Mediterranean and North Sea as cargo activity remained subdued, vessel lists lengthened, and rates moved steadily lower amid expectations of further downside pressure.
The product tanker market was more mixed, with regional strength offsetting uncertainty in the Middle East. LR2s in the Arabian Gulf began the week under pressure due to slow demand, but tightening vessel availability and fresh enquiry helped rates recover. LR1s outperformed, benefiting from new cargo stems and shrinking tonnage lists, which pushed rates higher. Both sectors continued to be heavily influenced by Red Sea security concerns and uncertainty surrounding Houthi activity. In the Atlantic Basin, MR tankers enjoyed a strong week in both the Mediterranean and Northwest Europe, supported by active cargo volumes and tightening tonnage. Handysize markets also strengthened, particularly in Northwest Europe where demand remained firm, although Mediterranean Handies surrendered some gains late in the week after an initially robust start.