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.
In conjunction with a firming LR2 market, the LR1 segment has seen an uptick with rates gaining slightly. With signs pointing towards an improving market, Owners would be looking to lock in some good returns hopefully.
With bits and pieces going on in the MR market without any upwards movement in rates, Owners are trying to keep their ships moving with current cargo activity which might pick up towards 2nd/3rd decade. Hopefully an influx of cargoes will push up rates as peak refinery maintenance season in China comes to an end.