To start the week off on a positive note, rates on the MRs have picked up considerably, notably in the North region. An influx of cargoes for 3rd decade May has driven the surge in rates. We’ve seen 285K done for a NChina/Spore run and its been rumoured that 375K is on subs for a SKorea/Spore. Rates being concluded are dates sensitive as there isn’t much available tonnage. Likewise in Spore, rates are picking up slowly with a tad more enquiries surfacing. Sustainability of the rates is the key factor in this instance.

LR freight rates hasn’t been much enticing. With ample supply of vsls across both markets, it is not surprising that rates are bottoming out.