75@W85 was the benchmark at which most 1st Decade June cargoes were concluded. Owners are holding firm and putting up some resistance. While the tonnage list remains healthy with ample supply, Owners are still seeking to get better returns amidst a softening market. Likewise on the LR1s, activity remained sluggish with few fresh enquiries surfacing. Ships are aplenty on the list and we’re already seeing 2nd decade June cargoes. With a healthy backlog list of ships to clear out, it doesn’t seem like rates are going to move upwards anytime soon.
Rates are stabilizing in the MR market as fresh enquiries are emerging for 1st Decade June. With most 3rd decade May cargoes being concluded, the focus has now shifted towards the 1st decade fixing window. All are waiting to see what punchy numbers will be done.