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.

LR1s has started seeing a gradual decline as rates inch downwards. In conjunction with the LR2 segment, we expect rates to soften further as well. MRs on the other hand have had a bit of activity up North, causing rates to strengthen slightly and pointing towards a steady outlook for the short term.

All in all, a quiet start to the week.