Activity on the LR2 Mkt seemed stable as Owners showed some resilience since the drop to W105. Rates continue to linger around last done lvls. BP placed on subs the Front Panther 75@W105. Idemitsu placed on subs the FPMC P.Hero at similar rates but seem to be looking for a replacement as clearance has hindered the deal from getting done. LR1 rates have also stabilized with Chtrs already in the market for 2nd and 3rd decade cargoes loading out of Ag / WCI. Among those are the usual players Itochu (15-17/Mar), Aramco (19-20/Mar), Cargill(24-26/Mar), and Vitol(28-30/Mar).

On the MRs, demand continues to be strong ex-North Asia. Increased cargo volumes are heading into OZ, ramping up rates and taking ships away which is tightening the position list. Spore on the other hand remains muted but has seen a handful of reformate tenders for 1st decade loading from Thailand going into China.