It does seem as though Charterers have prevailed after all. With the supply of ships outpacing demand, rates continued to weaken for both LR2 & LR1 Mkts. Charterers are expected to go in for the kill, with the question being whether Owners will be able to resist.

Activity on the MRs was slightly more active, but whether this is enough to move rates upwards remains to be seen. For now, a handful of 3rd decade cargoes remain uncovered in the North region.