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.
Back on the MRs, things continue to look bright as rates shot up for 3rd decade May. It does seem like Chtrs are now trying to play their cards right as not many 1st Decade June cargoes have been quoted yet. If there is anything left to fix for 3rd decade, Chtrs would be looking to pay anything within 350k - 400k. But as mentioned yesterday, whether the spike in rates is sustainable remains to be seen. It’ll be interesting to see what this week brings moving forward.