Asia-Pacific MR Market Sees Holiday-Driven Uptick by Week’s End

On the South Korea to Singapore route, rates held stable at $600,000 at the beginning of this week, as modest fixing activity was met with adequate vessel supply. 35,000 tons on the MT Lucky Feb was fixed by GS Caltex for a 13 August loading ex-Yeosu, reflecting the balanced tone. However, by the end of the previous week, pre-holiday momentum began to build. Owners managed to push levels up to $630,000, supported by tighter prompt availability and firmer interest. 35,000 tons on the MT CL George Eliot was taken by PetroChina for loading 17 August Dalian/Singapore at $625,000, capturing this short-term rebound. While fundamentals remain broadly steady, the uptick highlighted owners’ ability to leverage timing advantages ahead of the holiday slowdown.

Freight rates from South Korea to Australia opened the week on a softer note, easing by WS 2.5 to WS 195 due to slower enquiry and limited long-haul demand. ST Shipping was heard fixing 35,000 tons on the MT Seaways Kythnos from Japan to Australia for 12 August, confirming the weaker tone at the beginning of the previous week. By the end of the week, however, rates recovered to WS 200, helped by more aggressive forward fixing and holiday-related scheduling. Fixtures such as 35,000 tons on the MT Yuan Jing He at WS 197.5 loading 25 August from Korea to Australia supported the rebound.

The Singapore to Japan MR market remained largely flat throughout the week. Rates were steady at WS 150 early on, with low spot demand and no immediate pressure to shift. Owners continued to hold last-done levels as the supply/demand balance stayed in check. Toward the end of the week, the route saw a small gain, rising WS 2.5 to WS 152.5, supported by firmer enquiry ahead of regional holidays. While far from bullish, this uptick signaled that owners were finding more consistent opportunities to place tonnage, particularly for clean product flows into Japan.

On the Southeast Asia to Australia leg, the market opened quietly, holding at WS 185 at the beginning of the previous week. Spot activity was measured, and supply matched demand with little movement on rates. By the end of the week, however, the route edged up to WS 190 as restocking activity increased and short-haul stems gained traction. 35,000 tons on the MT STI Seneca was fixed by Vitol at WS 190 for 25 August loading Singapore/Australia, highlighting the improved tone. While lists may lengthen again post-holiday, owners used the firmer environment to their advantage while it lasted.