LR2 rates have continued to ease, hitting 75@W90 as the surge in 2nd & 3rd decade May cargoes has proven unsustainable amidst a lengthy tonnage list. It seems as though Chtrs are withholding their cargoes and sitting back to see how much further rates will drop. The tide has turned as just a week ago, Chtrs were struggling to cover their cargoes while they currently have the upper hand once again.

The LR1 market is also seeing a decline as rates inch downwards in conjunction with the weaker LR2 segment, we expect rates to soften further as well. MRs on the other hand have had a bit of activity up North, but bearish sentiment remains.