The LR2 market held steady to firm over the weekend, with tight tonnage seen in the Persian Gulf. Rates may firm further over the rest of the month should there be an influx of cargoes. In contrast, sentiment in the LR1 market appears to be more on the downside.

On the other hand, the MR market is continuing to strengthen on the back of tight vessel supply and robust cargo demand. The outlook for MR rates is positive, especially in the AG/WCI and Far East regions.