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.
However, things on the MR Market seem a tad positive with relatively strong demand for loadings in North Asia. Ships are being fixed away causing the list to become tight. Market sentiment is firm for now.