July 24, 2025

Clean Market Summary

Poten & Partners www.poten.com

Spot Market Rate Assessments

WS Rates & Lumpsum VLSFO TCE Earnings (US$/day) HSFO TCE Earnings (US$/day)
Carg Year-to- Year-to- Year-to- WS Rates Last
Trade Current Week Ago 2024 Avg Current Week Ago Current Week Ago Voyage
o kt Date Date Date 10 Wks
90 AG - UKC (M $) 3.8 3.6 3.7 5.2 36,800 33,500 36,200 39,600 36,300 38,300 Jubail - Rotterdam
75 AG - FE 130.0 126.5 135.2 175.4 26,400 24,900 27,600 30,100 28,800 30,300 Ras Tanura - Yokohama
65 AG - UKC (M $) 3.0 3.0 2.9 4.2 32,700 31,500 30,400 35,200 34,100 32,300 Jubail - Rotterdam
55 AG - FE 149.5 145.0 148.3 192.0 22,200 20,800 21,300 25,400 24,200 23,700 Ras Tanura - Yokohama
60 UKC - USAC 112.0 111.0 120.5 156.1 16,800 16,600 20,600 17,600 17,500 21,400 Rotterdam - New York

38 USG - UKC 145.0 123.5 122.8 171.7 16,300 11,400 11,500 17,300 12,500 12,700 Houston - Amsterdam
38 USG - ECSA 190.0 162.5 174.9 239.5 25,000 19,300 21,500 26,100 20,500 23,400 Houston - Sao Sebastiao
38 CAR - USAC 145.0 160.0 165.8 223.9 20,100 24,300 25,800 20,800 25,100 26,800 St Croix - New York
38 ECC - USAC (K $) 650.0 500.0 612.5 683.7 63,100 44,200 59,000 63,200 44,200 59,100 St John - New York
38 USG - USAC (K $) 1,809.0 1,804.0 1,857.0 1,874.2 85,000 85,000 88,600 Houston - New York (U.S. Flag)

37 UKC - USAC 129.5 116.0 140.6 158.4 10,400 7,500 13,700 11,100 8,200 14,300 Rotterdam - New York
37 UKC - WAF 149.0 136.0 161.9 181.2 16,000 13,100 18,700 17,900 15,100 20,200 Amsterdam - Lome
30 UKC - UKC 150.0 120.0 167.0 186.2 28,300 20,100 34,200 28,500 20,200 34,300 Ventspils - Havre
28 MED - UKC 170.0 135.0 175.3 217.2 21,200 13,700 23,300 22,200 14,600 24,100 Augusta - Havre
30 MED - MED 180.0 155.0 170.9 210.0 16,000 10,100 14,800 16,600 10,700 15,200 Arzew - Gela
Atlantic Triang - - - - - - - 24,049 19,153 UKC - USAC / USG - UKC

35 AG - S Asia 225.0 210.0 176.9 197.5 36,100 32,900 25,700 38,300 35,100 27,400 Shuaiba - Karachi
30 SEA - FE 160.0 162.5 162.6 221.3 12,500 12,700 12,500 14,600 15,000 14,000 Singapore - Yokohama
30 SEA - HK (K $) 565.0 545.0 483.8 690.1 30,400 28,800 24,100 32,400 30,900 25,500 Singapore - Hong Kong
40 FE - USWC (K $) 1,700.0 1,650.0 1,711.3 2,364.4 30,200 28,800 30,200 32,300 31,000 31,800 Ulsan - Los Angeles

Note: WS basis 2025 flat rate.

Latest Market Activity LR2 / LR1 TCE Earnings

Sale and Purchase

120
Tanker S&P activity remains steady, with MRs providing all the excitement this week.
Norden have once again achieved a firm price for modern Japanese-built MRs, with the
100
Nord Olympia (49,996 dwt, 18-blt, Onomichi) rumoured to have sold for USD 36.8 M. The
pricing aligns closely with the en bloc sale of sister ships Nord Jewel and Nord Joy (both
49,999 dwt, 18-blt, JMU, Scrubber) in May at USD 37 M apiece, reinforcing firm demand 80
for well-maintained, high-quality tonnage in this segment. We understand Greek Buyers
US$000s/day

have taken the sisters Oriental Diamond and Oriental Gold (both 50,591 dwt, 08-blt, SPP)
60
en bloc at USD 15.5 M per vessel. The total price of USD 31 M stands notably below the
USD 41 M en bloc reportedly agreed in a failed sale in January for the pair, reflecting
softer values despite continued high liquidity in this age group of MRs. Overall, activity 40
continues at a measured pace, with recent deals suggesting a stable pricing environment
and sustained interest in both modern and mid-age MRs.
20

0
Apr-23 Oct-23 Apr-24 Oct-24 Apr-25
75 AG-Japan 55 AG-Japan

Bunker Prices (US$/MT) MR

MR TCE
TCE Earnings
Earnings --Atlantic
Atlantic

Location Current Week Ago YTD 2024 Avg Current Week Ago YTD 2024 Avg 60
VLSFO (0.5% S) HSFO (3.5 % S)
50
Houston 504 501 521 585 453 445 438 470
New York 530 521 539 604 477 467 481 528 40
US$000s/day

Rotterdam 509 512 502 556 440 438 443 470

Fujairah 507 513 527 602 399 401 445 468
30
Singapore 517 523 534 609 416 417 462 484

20
MDO MGO
Houston 723 716 682 750 10
New York 772 752 724 782
Rotterdam 722 717 656 721
Fujairah 739 741 737 829
0
Singapore 690 685 657 723 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25
37 UKC-USAC 38 USG-UKC Triangulated
Source: Ship & Bunker / Oil Monster

NEW YORK LONDON HOUSTON PERTH ATHENS SINGAPORE GUANGZHOU

 Clean Market Summary July 24, 2025

Poten & Partners www.poten.com

Time Charter Rate Assessments

Rate Assessments (US$/day)

Basis Current Week Ago Month ago Year-to-Date 2024 Avg
Vsl
kdwt Non Eco Eco Non Eco Eco Non Eco Eco Non Eco Eco Non Eco Eco
12-month Time Charters
LR2 105 28,000 31,000 28,000 31,000 28,000 31,000 28,033 30,950 44,260 46,692
LR1 72 21,000 23,000 21,000 23,000 21,000 23,000 20,733 22,567 34,817 37,904
MR 47 18,500 20,000 18,500 20,000 18,500 20,000 18,817 20,567 27,615 29,615

3-year Time Charters

LR2 105 25,000 28,000 25,000 28,000 25,000 28,000 26,067 29,433 37,365 39,904
LR1 72 20,000 22,000 20,000 22,000 20,000 22,000 19,767 21,850 28,115 30,183
MR 47 17,000 18,500 17,000 18,500 17,000 18,500 17,450 19,033 23,490 26,038

5-year Time Charters

LR2 105 21,000 28,000 21,000 28,000 21,000 28,000 21,300 27,417 30,231 32,731
LR1 72 19,500 21,500 19,500 21,500 19,500 21,500 18,850 20,850 24,538 27,913
MR 47 16,500 18,000 16,500 18,000 16,500 18,000 16,833 18,250 21,538 23,413

Jones
Asset Act
Prices
Time Charter Assessment 12-month Time Charter Rates - Non ECO Vessels
Vessel Price Assessments ($ DAY)
Vessel Current Year-to-Date 60
1-Year 3-Year 1-Year 3-Year
185 kbbls ATB 53,500 53,500 53,500 55,367 55
150 kbbls ATB 50,000 52,000 50,000 52,000 50
MR Eco 91,500 91,500 91,150 91,150 45
MR Non-Eco 89,500 89,500 89,150 89,150
40
US$ 000s/day

35
Asset Prices
Vessel Price Assessments (US$millions) 30
Basis Month Year-to- 25
Vessel Current Week Ago 2024 Avg
kdwt Ago Date
20
Newbuilding (Forward Delivery)
LR2 105 75.0 75.0 75.0 76.5 73.5 15
LR1 72 57.0 57.0 57.0 58.5 57.5 10
MR 47 48.0 48.0 48.0 50.0 48.0 May-21 May-22 May-23 May-24 May-25
MR LR1 LR2
5-year Old Secondhand
LR2 105 64.0 64.0 64.0 65.0 73.0
LR1 72 46.0 46.0 46.0 50.0 53.0 Clean 5-year Old Vessel Prices
MR 47 40.0 40.0 40.0 40.5 47.0

10-year Old Secondhand 70

LR2 105 51.0 51.0 51.0 51.5 58.5 60
LR1 72 36.0 36.0 36.0 40.0 43.0
MR 47 31.0 31.0 31.0 31.5 37.5 50
US$ millions

40
Asset
Oil Product
Prices Prices, US$/bbl 30
Grade Source Last Close Week Ago Change
20
US Products May-21 2019 Avg
May-22 May-23 May-24 May-25
NY RBOB Gasoline NYMEX 87.21 90.38 (3.17)
NY Heating Oil NYMEX 100.65 101.28 (0.63) LR2 LR1 MR

Poten & Partners Department Contacts TC Vessel Assumed Consumptions (MT/Day) - Laden / Ballast
Crude Spot Chartering pbrennan@poten.com Patrick Brennan
NON-ECO ECO
Clean Spot Chartering pfoglia@poten.com Phil Foglia
Laden Ballast Laden Ballast
US Flag Chartering jloch@poten.com Jason Loch LR2/Aframax 39.0 36.5 32.0 27.5
Term Chartering/S&P rrexer@poten.com Rob Rexer LR1 35.0 32.0 28.0 23.0
Tanker Research ebroekhuizen@poten.com Erik Broekhuizen MR 27.5 25.5 21.5 19.0
General Inquiries Tel: +1 (212) 230 2000 Fax: +1 (212) 355 0295 Consumptions basis 13kts

NEW YORK LONDON HOUSTON PERTH ATHENS SINGAPORE GUANGZHOU