Both LR1 and LR2 rates have stabilized at current market levels, with the market appearing to have bottomed out. This is largely due to a relatively balanced tonnage list and cargoes. Owners are currently digging in their heels and refusing to fix at lower than last done levels, while charterers are trying to take advantage of lower rates before they recover.
The MR market in the North firmed this week after some higher than last done numbers were seen. However, cargo enquiries have been subdued for first decade June so far.