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July 2017
Daily Tanker Market Report - 4th July 2017

Both TC1 and TC5 saw a boost at the start of the week as both markets firmed considerably. With a thinning tonnage list, Owners sentiment is strong and they are bullish in getting higher than last done rates. With both LR2 and LR1 markets complementing each other, hopefully the current pace of fixing will sustain as the list of cargo enquiries builds up. It will be interesting to see what this week brings as the rates start creeping upwards.

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July 2017
Daily Tanker Market Report - 10th July 2017

Both LR1 and LR2 markets held steady on Friday as a few fixtures repeated the last done numbers. With the Saudis coming back from the holiday, more activities are expected and it strengthens owners’ sentiment. We shall see what it brings in this coming week.

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July 2017
Daily Tanker Market Report - 14th July 2017

Over the week, the LR2 market has seen little change with healthy amount of cargoes. LR1 rates dropped a few points and now owners are standing their ground. There is no shortage of cargoes but ships are abundant as well. Overall, it is steady for now.

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July 2017
Daily Tanker Market Report - 18th July 2017

The LR2 market has seen 75@W93.5 repeated several times for the key AG/Japan route. The LR1 market is relatively stable, with owners indicating that further downward pressure is expected with ample ship supply. As Japan was off on holiday yesterday, more activity is expected to come into play today.

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July 2017
Daily Tanker Market Report - 21st July 2017

As more cargoes flood the market, both the LR1 and LR2 markets firmed after a quiet start to the week. Tighter requirements from charterers looking for tonnage with last cargo naphtha also lent support to the market. LR2 rates were up by W10 points from the beginning of the week to 75@W102.5.

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July 2017
Daily Tanker Market Report - 24th July 2017

The LR2 market held steady over the weekend after rates inched up on Friday. It seems as though Chtrs are withholding second decade August cargoes to avoid the firm market. The LR1 market is stable as well but healthy ship supply may keep a lid on rates.

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July 2017
Daily Tanker Market Report - 31st July 2017

The LR2 Market firmed up considerably over the last week. Rates have been relatively stable approaching the end of the week and little has changed over the weekend with ships been put on subs at 75kt@W114. LR1 rates have not been affected by LR2 rates spiking and held steady since beginning of last week till now.

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August 2017
Daily Tanker Market Report - 4th Aug 2017

The outage at Shell Pernis refinery has successfully boosted the momentum of the LR market with more middle distillates flowing to West from East. Strong owner sentiment has sent rates higher and higher. It has been a fruitful week for the LR market, supported by the fundamentally tight position list and surge in demand to move cargoes West.

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August 2017
Daily Tanker Market Report - 7th Aug 2017

LR rates held steady over the weekend as charterers dug their heels in and refused to give in to owners’ attempts to push up rates. As the fixing window moves forward, more fresh cargoes are needed to sustain rates at current levels.

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August 2017
Daily Tanker Market Report - 11th Aug 2017

The LR segment has been on fire over the past two weeks due to strong naphtha demand in Asia and refinery outages in Europe. LR2 rates have been relatively stable while LR1 rates firmed up as some vessel schedules were affected by typhoon Noru. As a result, demand for replacements helped to drive up rates.

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August 2017
Daily Tanker Market Report - 14th Aug 2017

Little change has been seen over the weekend despite the slowdown in activity for LR2s. A couple of LR1s have been fixed at last done levels of 55@W135. Overall rates have been pretty stable.

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August 2017
Daily Tanker Market Report - 18th Aug 2017

The LRs market softened over the week even though tonnage supply appears to be tight. While there was no lack of fresh cargoes, rates saw a downward correction during holidays in the East. Rates are expected to hold steady for now.

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August 2017
Daily Tanker Market Report - 21st Aug 2017

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.

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June 2017
Daily Tanker Market Report - 28th June 2017

The LR market firmed yesterday as LR1 rates went up. However, it remains to be seen whether there will be sufficient activity to support the momentum given the fact it is a short week and some participants are away during extended holidays. The position list in the AG for both segments looks healthy for now.

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June 2017
Daily Tanker Market Report - 19th June 2017

Little has changed in the LR market since last Friday as owners failed to grab a premium for Qatar loading. Abundant tonnage supply in the region seems to have outweighed any effect from the Qatar diplomatic crisis. Market sentiment is soft for now.

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June 2017
Daily Tanker Market Report - 14th June 2017

Nothing much has changed from yesterday with cargo enquiries staying muted across the LR1 & LR2 Market amidst a healthy list of ships.

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June 2017
Daily Tanker Market Report - 13th June 2017

The LR Market held stable overnight. Fixing Window is in the 3rd decade with only a handful of cargoes surfacing. However, owner sentiment remained optimistic and unwilling to succumb to the downward pressure brought about by the amply supplied tonnage list.

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June 2017
Daily Tanker Market Report - 12th June 2017

As the week drew to a close, we failed to see an uptick in rates. Market sentiment appears to be be more on the downside. With the LR2 and LR1 Market amply supplied, how much further will freight rates drop? With the Qatar Diplomatic crisis causing a bit of an uproar in the industry, we’ve yet to see the impact it has on rates. We will also be expecting to see the LRs competing for the MR business.

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June 2017
Daily Tanker Market Report - 09th June 2017

LR2 rates on the AG/JPN route were stable at WS90 except for the Qatar loading which requires a premium of 2.5 points as supported by recent fixture. LR1 rates were under pressure as most fixtures were concluded at WS105. Naphtha cargo inquiries are abundant but it was not enough to light up the shadow casted by the shortage of other product cargo inquires

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June 2017
Daily Tanker Market Report - 08th June 2017

LR2 rates did not undergo any change while LR1 rates seem to be softening a bit. Any potential issues with co-loading seem to have been resolved with the lifting of restrictions on vessel movements to and from Qatar.

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June 2017
Daily Tanker Market Report - 07th June 2017

Sufficient activity on the LR2s has seen rates stabilize. With the fixing window moving into 3rd Decade June, an influx of cargoes is necessary for rates to improve. On the LR1s, supply seems to be outpacing demand though rates remain stable at present.

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June 2017
Daily Tanker Market Report - 06th June 2017

LR2 rates were stable while owners trying to bring up rates without success. LR1 rates were in similar status as last few fixtures on the AG/JPN route are fixed basis 55@WS110. There are limited number of ships available for the next few days but the list get long for the next few weeks. Rates are facing downward pressure.

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June 2017
Daily Tanker Market Report - 02nd June 2017

LR2 rates in the East are not moving up any further after climbing by 2.5 points earlier. LR1 rates on the other hand have inched up slightly with 55@WS110 on subs for the first decade of June. Charterers are currently being squeezed a bit as they try to find replacements amidst a shorter list of ships.

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May 2017
Daily Tanker Market Report - 30th May 2017

The LR2 market remained relatively quiet on Monday, while the LR1 market has picked up with current fixtures being concluded at WS105 as owners put up resistance. However the LR1 position list is still long, with a number of vessels currently fixed on shorthaul voyages and expected to be reopen soon.

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May 2017
Daily Tanker Market Report - 29th May 2017

There has been nothing much to speculate about the LR market since last week. On a positive side, LR2 Owners are putting up stiff resistance against fixing at lower than last done rates. Though the position list still looks healthy, a handful more cargo enquiries are helping to keep the rates stable. For the LR1s, Owners would be looking to keep their ships from sitting with short hauls till the next fixing window.

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May 2017
Daily Tanker Market Report - 25th May 2017

Both LR1 and LR2 rates have stabilized at current market levels, with the market appearing to have bottomed out. This is largely due to a relatively balanced tonnage list and cargoes. Owners are currently digging in their heels and refusing to fix at lower than last done levels, while charterers are trying to take advantage of lower rates before they recover.

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May 2017
Daily Tanker Market Report - 24th May 2017

75@W85 was the benchmark at which most 1st Decade June cargoes were concluded. Owners are holding firm and putting up some resistance. While the tonnage list remains healthy with ample supply, Owners are still seeking to get better returns amidst a softening market.

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May 2017
Daily Tanker Market Report - 23rd May 2017

LR Rates continued their downwards spiral as tonnage continued to accumulate as each day passes. It seems like we are back to Square one again as earnings now hover within the 5k per day region. Lower demand for naphtha cargoes in the North has been a major factor behind this slowdown.

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May 2017
Daily Tanker Market Report - 22nd May 2017

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.

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May 2017
Daily Tanker Market Report - 19th May 2017

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.

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May 2017
Daily Tanker Market Report - 18th May 2017

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.

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May 2017
Daily Tanker Market Report - 17th May 2017

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.

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May 2017
Daily Tanker Market Report - 11th May 2017

The TC 1 inched slightly upwards with outstanding third decade May cargoes still lingering around waiting to be fixed. With Owners still bullish about rates due to tighter tonnage availability, Chtrs seem to be struggling slightly in getting things done

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May 2017
Daily Tanker Market Report - 09th May 2017

The LR2 Market continues to firm up as indices inched their way up overnight. Definitely a positive start to the week as Sentiment seems to be more bullish, with owners definitely seeking to do higher than last done rates.

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May 2017
Daily Tanker Market Report - 08th May 2017

LR Owners saw redemption last week as rates rebounded and sentiment was strong. Position list on the LR2s looks a tad tight with fresh enquiries looming.

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May 2017
Daily Tanker Market Report - 05th May 2017

The LR2 market firmed overnight as a tighter position list caused rates to inch up slightly, leaving Charterers scrambling to cover their cargoes. Apparently there are a couple of 2nd Decade cargoes still outstanding while most 3rd Decade cargoes are emerging and being put on subs.

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May 2017
Daily Tanker Market Report - 04th May 2017

We’re starting to see more punchy numbers for the LR2s. There is no denying that Owner sentiment is much firmer and Owners are getting bullish in seeking higher rates. W90 has been rptd to be placed on subs for SKS Demini by YNCC. We believe Owners will use that as a certain benchmark now and not settle for anything lesser.

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April 2017
Daily Tanker Market Report - 28th April 2017

Approaching Golden Week, Chartering activity has been rather brisk causing rates to be firm/stable. The clearing of the backlog of ships on the position list has given Owners optimism moving forward.

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April 2017
Daily Tanker Market Report - 26th April 2017

As LR Owners are hoping for a resurgent market, but it does not seem to be happening anytime soon. With the increased activity on the LR1s to keep the rates stable, Owners are standing firm in their unwillingness to drop rates.

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April 2017
Daily Tanker Market Report - 20th April 2017

Activity seemed brisk over the past 2 days on the LR market at what seems to be almost bottomed out rates, 75@W85 and 55@W100 respectively

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April 2017
Daily Tanker Market Report - 18th April 2017

There wasn’t much activity last night with London being away on holidays. Rates maintained at last done levels with the continuation of sluggish demand on the LR Market.

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April 2017
Daily Tanker Market Report - 17th April 2017

A quiet end to last week. It seems like the Market is bottoming out all around the East Of Suez. Activity has been rather muted on the LRs and MRs.

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April 2017
Daily Tanker Market Report - 13th April 2017

As the week draws to a close and we head into the long weekend, we failed to see an uptick in yesterday’s activity. Market sentiment appears to be be more on the downside. With the LR2 Market dropping another 10pts ,75@W90 which BP placed on subs for a main haul on the Maersk Petrel, how much further will freight rates fall?

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April 2017
Daily Tanker Market Report - 12th April 2017

A dearth of cargoes continues to weigh heavily on the LR market, where rates are dropping sharply and rapidly. With the supply of ships outpacing cargo demand, the rates are only going to spiral downwards.

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April 2017
Daily Tanker Market Report - 11th April 2017

The Market seems to be set with gloomy overtones. Lessened activity and a piling list of ships has taken its toll on the LR Market out of the Arabian Gulf. How much more room there is for LR rates to fall.

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April 2017
Daily Tanker Market Report - 10th April 2017

As expected, muted cargo enquiries have caused the LR2 rates to come off quicker than expected. Current benchmark is 75@W100. While Owners are trying to be resilient, it seems like there is little they can do about it.

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April 2017
Daily Tanker Market Report - 07th April 2017

The LR2 market remains listless with very little activity going on. It is now a question on everyone’s mind on where this market will bottom out. Tonnage is beginning to pile up week on week with lower enquiries seen. Owner resistance on rates seems to be wearing off as most are willing to offer in at lower than last done levels.

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April 2017
Daily Tanker Market Report - 03rd April 2017

Rates on the LR2s have begun to show cracks as cargo enquiries remain scarce amidst a tight supply of ships.. We won’t be surprised if cargo flows remain muted over the next 2 weeks due to lower spot naphtha purchases for 2H April compared to 1H.

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March 2017
Daily Tanker Market Report - 28th March 2017

An active start to the week as the LR market held steady with decent activity. On the LR2s, tonnage seemed to be slightly tight for the month of April, however the lack of fresh enquiries has kept a lid on freight rates

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March 2017
Daily Tanker Market Report - 23rd March 2017

The LR2 market was stable overnight with a handful of fixtures placed on subs at what would be a benchmark level of 75@W110 for 1st Decade April cargoes. The list of ships still looks fairly healthy up to 2nd decade April while relatively strong Owner sentiment continues to drive the market.

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March 2017
Daily Tanker Market Report - 21st March 2017

The LR Market has started the week off on a stable note. Rates are more date-sensitive on the LR2s as 1st decade April enquiries lessen. In comparison, the LR1s are holding steady with still uncovered cargoes for 3rd decade March.

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March 2017
Daily Tanker Market Report - 17th March 2017

Rates held steady overnight on the LR2s. Though positions remain tight for the 3rd decade window, there aren’t many cargoes left either. With fresh enquiries emerging for 1st decade April, it seems like the focus has shifted there instead.

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March 2017
Daily Tanker Market Report - 16th March 2017

Bullish sentiment was sustained across the AG/WCI Market in the product tanker sector. It will be interesting to see what levels the remnants of 3rd Decade cargoes get fixed at amidst buoyant Owner sentiment.

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March 2017
Daily Tanker Market Report - 15th March 2017

Firming sentiment has been seen across the AG/WCI market. It does seem pretty optimistic for LR1 and LR2 Owners. It will be a challenge to get 3rd decade cargoes fixed anywhere near last done rates of W105 lvls with the bullish sentiment setting in, brought about by the tight position list up to end March.

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March 2017
Daily Tanker Market Report - 13th March 2017

Owners saw redemption last week as rates rebounded and sentiment was strong. Though the position list on the LR2s looks a tad tight, there has not been much fresh enquiries looming

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March 2017
Daily Tanker Market Report - 08th March 2017

The LR Market continues to firm up as indices inched their way up overnight. Sentiment seems to be more bullish, with owners definitely seeking to do higher than last done rates.

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March 2017
Daily Tanker Market Report - 07th March 2017

Strong sentiment loomed overnight for the LR2s. With 2nd decade cargoes still seeking tonnage, rates are holding steady as presented by a healthy tonnage list.

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March 2017
Daily Tanker Market Report - 06th March 2017

Rates seem to be stable on the LR2s but there are doubts if they can remain at current levels for much longer as cargo enquiries start diminishing.

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March 2017
Daily Clean Market Report - 03rd March 2017

Activity on the LR2 Mkt seemed stable as Owners showed some resilience since the drop to W105. Rates continue to linger around last done lvls.

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March 2017
Daily Clean Market Report - 01st March 2017

Charterers are in no hurry to fix their enquiries with LR2 and LR1 tonnage availability remaining relatively healthy. Current freight levels are at 75@W105 and 55@W115 respectively.

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February 2017
Daily Clean Market Report - 28th February 2017

Rates on the LR2s have begun to ease as expected, down to 75@W105. The surge in 1st decade March cargoes has proven unsustainable amidst a lengthy tonnage list and there is room for rates to fall further.

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February 2017
Daily Clean Market Report - 24th February 2017

A week has passed since the sharp turnaround in the LR2 market when rates hit a high of W120. Rates have started coming off shade by shade from weakened cargo enquiries.

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February 2017
Daily Clean Market Report - 23rd February 2017

Rates continue to hold steady on the LR2s but doubts remain if they can remain at current levels for much longer as cargo enquiries start diminishing. Mkt sentiment is currently around he W112.5-W115 lvl as supply continues to be tight.

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February 2017
Daily Clean Market Report - 21st February 2017

Rates held steady overnight on the LR2s as Owners continue picking up the remnants of 1st Decade March cargoes. Things are also looking bright for the LR1s with a substantial umber of enquiries to keep rates firm.

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February 2017
Daily Clean Market Report - 20th February 2017

A redeeming week it was for Owners last week with rates steadying throughout. The question looming on everyone’s minds is how long will the rates stay stable.

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February 2017
Daily Clean Market Report - 17th February 2017

Coming to the end of what has been nothing short of a steady week, we have not seen the LR2 indices creeping up any further. With the highest W120 being concluded on an Ag/Jpn voyage, the question on most minds is whether rates have peaked too soon.

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February 2017
Daily Clean Market Report - 16th February 2017

The LR2 market is currently at its firmest over the last 4-5 weeks. Most fixtures are being concluded at W120, boosting daily earnings slightly above the 10k/day mark. Rates have shot up by 30 world scale points within the week alone. Rates for the AG/West route have increased significantly as well, up by at least USD250k.

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December 2017
OFE Weekly - 22 Dec 2017

The East of Suez VLCC market saw an influx of activity on the release of January AG stems. As such, rates for the benchmark AG/Japan route rose by w5 points from last week. Further gains were limited by a lengthy position list that rolled over from December...

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December 2017
OFE Weekly - 15 Dec 2017

The Asian VLCC market saw further downwards pressure as charterers covered the remaining stems for third decade December. A low fixture count for December (down by 10% m-o-m) and ample vessel supply continued to weigh on VLCC rates, with rates for the key AG/Japan route down by w6 points on the week...

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December 2017
OFE Weekly - 1 Dec 2017

Asian VLCC rates continued to soften over the week as the expected flurry of December cargoes has failed to materialize thus far, leading to a build-up in tonnage in key loading areas. Rates for the benchmark AG/Japan route dropped by w8.5 points w-o-w to w57.5, below the psychological level of w60. In line with the...

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November 2017
OFE Weekly - 24 Nov 2017

The East of Suez VLCC market took an unexpected turn this week as rates underwent a downward correction. Fixing activity for first decade December remained muted as owners succumbed to pressure from charterers. As such, rates for the benchmark AG/Japan route fell by w4 points w-o-w after hovering around w70 since the start of the month...

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November 2017
OFE Weekly - 17 Nov 2017

The Asian VLCC market saw a fairly uneventful week, with December stems only released at the end of the week. Stiff resistance from owners of modern tonnage, winter sentiment as well as growing bunker prices lent support to rates. As such, rates for the key AG/Japan route held steady at w70 points from the week before...

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November 2017
OFE Weekly - 10 Nov 2017

VLCC rates for the key AG/Japan route edged up by w0.5 points from last week as owners of modern vessels held firm amidst ample availability of handicapped tonnage. Activity was fairly subdued despite the rollover into the third decade November fixing window as most market participants were away at a conference in Dubai. With quite...

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November 2017
OFE Weekly - 3 Nov 2017

The East of Suez VLCC market saw a lull in activity as we remain in the second decade November fixing window, with rates mostly flat across the board. Rates for the key AG/Japan route dipped by w0.5 points from last week. Unipec continued to take a large chunk of vessels on COAs while charterers continued...

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October 2017
OFE Weekly - 27 Oct 2017

Despite firm chartering activity towards the end of the week, Asian VLCC rates were capped by charterers favoring handicapped tonnage as well as a significant number of vessels taken on COAs. As such, rates for the benchmark AG/Japan route edged down by w2.5 points w-o-w. Underlying sentiment remains firm on the back of seasonal winter...

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