Rates on the LR2s have begun to show cracks as cargo enquiries remain scarce amidst a tight supply of ships.. We won’t be surprised if cargo flows remain muted over the next 2 weeks due to lower spot naphtha purchases for 2H April compared to 1H.

LR1s have started seeing a gradual decline as rates creep downwards. In conjunction with the LR2s, rates are expected to soften further as well. MR rates are also weakening in line with the LR segment. All in all, a quiet start to the week.