A dearth of cargoes continues to weigh heavily on the LR market, where rates are dropping sharply and rapidly. With the supply of ships outpacing cargo demand, the rates are only going to spiral downwards. The market sentiment is likely to remain soft and weak in the short term and Owners will have to contend with it.

Likewise on the MRs, the market continues to remain muted as Chtrs take advantage of the bearish freight market.