Average Time Charter Rates – Week 31 (28 July 2026) – Key Takeaways

Overview: A split market this week, with meaningful week-over-week moves on the product tanker side while larger tonnage remains stable.

Key takeaways:

The crude sector is holding up well – Suezmax up 3% week-over-week, Aframax up 2%, and VLCCs steady at $114k/day on 1-year terms. No weakness in sight here.

The product tanker segment tells a different story. LR1s are the week’s biggest loser, down 6% week-over-week on 1-year and 4% on 3-year rates, a rare double move that signals genuine market softness rather than a one-off fixture. MRs are also down 4% week-over-week on 1-year, though their 3-year curve holds flat at $20k/day.

Handies stand out on the upside, up 7% week-over-week on 1-year rates, but the flat 3-year rate at $17,500/day suggests this is driven by short-term demand rather than a structural shift.

Bottom line: Crude is firm, LR1/MR space is under pressure week-over-week, and the Handy move looks opportunistic rather than structural.

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