It’s been a quiet start to the week with activity yet to pick up even as we approach midweek. The LR2 fixing window is already moving into 1st decade June amidst a lengthy list of 20 vessels up to end May. Chtrs are without a doubt putting downward pressure on rates and emerging triumphant in getting lower than last done rates. The softening LR2 Market is expected to weigh on the LR1s which are facing muted enquiries as well.

Rates on the MRs have stabilized with an influx of cargo activity up in the North. While this has helped to clear the supply overhang of ships, more cargoes will be needed to bring about an uptick in rates.