The crude tanker market ended the week on a noticeably softer footing. VLCCs faced long lists and limited enquiry, particularly in the West, where activity remained thin and rates continued to slip as the week progressed. A test in Brazil confirmed that sentiment was weakening, and the Atlantic saw the sharpest correction as charterers capitalised on abundant tonnage and owners’ willingness to secure employment. In the East, political developments hinted at the possibility of increased Arabian Gulf activity, but uncertainty kept owners cautious. Despite the softer tone, some ships quietly fixed, preventing lists from expanding excessively.
Suezmaxes experienced a steep decline across the Atlantic, Mediterranean, and Black Sea, with West Africa, CPC, and Guyana trades all losing ground. East of Suez, oversupply continued to weigh on rates, though a possible reopening of the Strait of Hormuz was noted as a potential catalyst for future improvement. Aframaxes in the Mediterranean fared better, with tightening lists supporting rates, while the North Sea weakened significantly.
Product tankers also saw a fragmented and generally softer week. In the Arabian Gulf, LR2 volumes improved slightly from STS hubs, and a few laden vessels managed to exit the region after months of restrictions, signalling a modest shift in regional dynamics. Freight levels, however, remained largely flat or weaker, with some Westbound routes failing.
A small area of tightness allowed certain naphtha runs to achieve marginal gains. LR1 activity was limited, and rates fell across key Red Sea and AG routes. In Europe, Med MR activity improved mid‑week, but plentiful ballasters kept pressure on rates. TC2, TC14, and X‑UKC all softened before a late rebound on TC14 suggested the potential of firmer sentiment ahead.