The LR2 market remains listless with very little activity going on. It is now a question on everyone’s mind on where this market will bottom out. Tonnage is beginning to pile up week on week with lower enquiries seen. Owner resistance on rates seems to be wearing off as most are willing to offer in at lower than last done levels.

Likewise on the LR1s, rates are continuing to slide gradually amidst depressed sentiment in the market. Rates have dropped a good 20pts this week alone and the current situation doesn't seem to indicate any signs of recovery soon. How far down will this downward spiral continue amidst stiff competition amongst Owners? It seems that the tide has turned as the Owners have their work cut out for them.

The MR market remains under pressure both in AG/WCI and Far East, as cargo flows in the North have slowed down substantially.