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. On the LR1s, there are still a few uncovered cargoes for end-month March and 1st decade April. Though 55@W130 was placed on subs for Idemitsu, there shouldn’t be much hype as it is a one-off rate due to specific requirements by the Chtr. Rates are within the W125-W127.5 region. With the current situation, Owners still seem to have the upper hand.
Things have been looking good for the MRs up north with more demand/enquiries pushing rates into an upward spiral. The Singapore market seems to be sideways as softer sentiment prevails.