The Market seems to be set with gloomy overtones. Lessened activity and a piling list of ships has taken its toll on the LR Market out of the Arabian Gulf. How much more room there is for LR rates to fall.  The week started off with a quiet note with current market sentiment continuing to remain weak. Owners’ resistance will be put to a test as LR rates remain muted.

It has also been a quiet affair on the MR Market.TCE Levels continue come off shade by shade. We reckon such days are here to stay till the refineries are up and running again.