VLCCs strengthened in both basins this week, with USG-East voyages jumping from USD 76 Mn to USD 82 Mn in a single day. Brazil cargoes were covered at WS 725 for East discharge and TD15 reached WS 750, while Fujairah-Far East climbed WS 60 points to WS 840 as sentiment turned increasingly owner-led. Suezmaxes reset after several WS 1,000 deals failed, with WAFR softening to WS 925 before WS 1,000 returned on subs for WAFR-UKCM, TD33 was pegged at WS 950, and Guyana paid WS 950. Aframaxes firmed, with WS 750 paid ex-Libya and TD19 ending at WS 780, while TD7 leapt WS 100 points midweek to land at WS 625.
LR2s set records in the Red Sea, with USD 10 Mn agreed on Monday and USD 12 Mn mid-week, above the USD 7.5 Mn record from 2020. Buoyant X-Med Aframax markets and heavy crude fixing pulled CPP tonnage into dirty trades, while USD 14 Mn was reported for Duqm-West. AG LR1 fixing slowed amid lean tonnage, with TC5 firming to WS 550 before WS 520 was rumoured on subs, and Westbound business was assessed around USD 10 Mn basis UKC via Bab-el-Mandeb. MR rates tapered in North Asia, while China’s approval of 3.7 Mn T of exports should support October flows. TC2 eased from WS 208 to WS 201 and TC6 held between WS 343 and WS 353.