The LR2 market remained relatively quiet on Monday, while the LR1 market has picked up with current fixtures being concluded at WS105 as owners put up resistance. However the LR1 position list is still long, with a number of vessels currently fixed on shorthaul voyages and expected to be reopen soon. It remains to be seen whether owners will be able to hold their ground or even make any further progress in rates.
The MR market in the Far East is holding steady with limited activity seen. With peak refinery maintenance season coming to an end, it is worth watching how the market moves forward.