As LR Owners are hoping for a resurgent market, but it does not seem to be happening anytime soon. With the increased activity on the LR1s to keep the rates stable, Owners are standing firm in their unwillingness to drop rates. This will hopefully give the market a little push and encouragement.

Sentiments wise on the MRs, cargo demand has slowed down a fair bit and adding on to the already dampening freight rates are the weakening LRs.

It was reptd that SKorea / Spore has already seen below 250k being placed on subs.