The outage at Shell Pernis refinery has successfully boosted the momentum of the LR market with more middle distillates flowing to West from East. Strong owner sentiment has sent rates higher and higher. It has been a fruitful week for the LR market, supported by the fundamentally tight position list and surge in demand to move cargoes West.
The MR market in the Far East did not see much change over the week and the position list looks healthy for now. Overall the market is rather stable.