A week has passed since the sharp turnaround in the LR2 market when rates hit a high of W120. Rates have started coming off shade by shade from weakened cargo enquiries. Owners have tried to be resilient against Chtrs demands but have since succumbed to pressure from current market conditions. Rates on the Main Haul Ag/Jpn have been concluded at W112.5-W115.

The LR1s on the other hand have continued to hold steady with ample cargo enquiries to keep rates moving. As for the MRs, the Singapore market remains sluggish. Owners seem to have one card left to play apart from ballasting their vsls to the Ag/WCI region, which is the North market.