Clean

LR2

The TC1 75kt MEG/Japan index dropped a modest 5 points this week to WS517. A voyage west also dropped a little, -$43,700 on the TC20 90kt MEG/UK-Continent index to $8.72 million.

In Europe the TC15 80kt Mediterranean/East index came off $160,000 to $5.32 million, the corresponding TCE is now at just over $27,500/day on Baltic description round trip via Suez.

LR1

MEG LR1's eastbound remained relatively flat this week with the TC5 55kt MEG/Japan index losing 8 points to WS533. A run west however on TC8, 65kt MEG/UK-Continent saw the index climb by $135,000 to $7.09 million.

MR

The TC17 35kt MEG/East Africa index dropped again this week from WS499 to WS485, this took the Baltic TCE for the run to $53,500/day round trip. On the UK-Continent, MRs also suffered again this week with the TC2 37kt ARA/US-Atlantic Coast dropping 15 points to WS109.

The Baltic TCE for the round trip is now at -$3,000/day. In the US Gulf MR freight dropped early in the week only to resurge with gusto following a flurry of mid-week fixing activity.

The TC14 38kt US Gulf/UK-Continent index went from WS175 to WS150 on Wednesday and then back up to WS192. The Baltic round trip TCE for the run is now at $15,100/day. The Caribbean voyage on TC21, 38kt US Gulf/Caribbean followed the same pattern and is currently at $610,700. The corresponding TCE is now at $11,700/day on Baltic description.

The MR Atlantic Triangulation Basket TCE went from $19,800/day, bottomed out at $13,100/day and then returned to $19,800/day at time of writing.

Handymax

In the Mediterranean, Handymax rates came off circa 42 points this week. The TC6 30kt Cross-Mediterranean index is now at WS175 generating a Baltic TCE of $10,900/day, down 54% from last week. The TC23 30kt Cross UK-Continent dropped from WS231 to WS181 this week, taking returns from $24,300/day to just $8,800/day on Baltic description.

Dirty

The dirty tanker market posted a generally positive performance this week, led by a significant improvement in Suezmax earnings and continued strength across many Atlantic Basin routes. While VLCC returns eased from the exceptionally high levels seen at the end of the previous week, overall sentiment remained firm and supported by healthy cargo activity.

The VLCC sector remained profitable despite some moderation in rates. Middle East Gulf export activity continued to generate a steady flow of business, although softer returns on eastbound voyages weighed on earnings. The Baltic VLCC TCE ended the week at $234,821/day, compared with $241,916/day a week earlier. West Africa and Oman export routes remained well supported, helping to limit downside pressure.

The standout performer was the Suezmax segment. Stronger demand in the Atlantic Basin drove substantial gains on West Africa, Guyana and US Gulf export routes, with owners benefiting from increased enquiry and tighter vessel availability. These improvements lifted the Baltic Suezmax TCE to $269,824/day, an increase of more than $30,000/day from the previous week's close of $238,201/day.

Aframax markets remained comparatively stable. Rates in the Mediterranean, Caribbean and US Gulf continued to find support from consistent cargo volumes, although regional volatility persisted. The Baltic Aframax TCE closed at $77,182/day, marginally below the previous week's $77,866/day, reflecting a balanced market rather than any meaningful deterioration in fundamentals.

Elsewhere, regional tanker markets continued to strengthen, with improvements noted in both Panamax and Handy sectors. Overall, the week concluded with tanker earnings remaining at elevated levels across all major crude carrier classes, supported by resilient export volumes and firm Atlantic Basin demand.