$292,000 a day: That was the time charter equivalent (TCE) for an LR2 on the Middle East Gulf–Japan route (TC1) on the Baltic Exchange on 6 November 2026, broadly unchanged from the previous week. In the same week, rates in several crude tanker segments fell sharply. Side by side, the two moves show a tanker market that is clearly diverging.

Before and After: Product Tankers Move Sideways at High Levels

According to the Baltic Exchange, LR2 earnings on the Middle East Gulf–UK Continent route (TC20) eased from about $342,700 a day to about $297,300 a day, and on the Mediterranean–Far East route (TC15) from about $101,800 to about $79,200 a day. LR1 earnings on the Middle East Gulf–Japan route (TC5) edged up to about $212,300 a day, from about $208,900 a week earlier. MR earnings on the Middle East Gulf–East Africa route (TC17) held near $113,900 a day, while the MR Atlantic triangulation basket slipped to about $72,000 a day. Handysize on the cross-Mediterranean route (TC6) fell from about $108,900 to about $88,100 a day.

Crude Tankers: Cooling from the Peak

The divergence is sharpest in crude tankers. VLCC earnings on the Middle East Gulf–China route (TD3C) remained above $1.3 million a day (about $1,303,600, versus about $1,345,700 a week earlier). By contrast, Suezmax earnings on the Nigeria–UK Continent route (TD20) dropped from above $396,000 a day to about $224,500, and Aframax earnings on the cross-UK Continent route (TD7) from about $466,000 to about $242,600 a day. These levels remain high, but the sharp rise of the previous week has cooled.

Hormuz Flows and Oil Prices

According to Breakwave Advisors (3 November 2026), crude flows through the Strait of Hormuz averaged about 11.7 million barrels a day in October, up from 9.8 million in September but still below the pre-conflict 14.5 million. Around 80 VLCCs are working shuttle trades in the Gulf of Oman, with an average round voyage of 23 days against 9–10 days under optimal conditions. On prices, financial news outlets reported that Brent fell sharply during the week to around $98–100 a barrel, from close to $110 the week before.

TORM: Third-Quarter Profit and Newbuilding Plans

According to Baird Maritime (4 November 2026), TORM reported third-quarter 2026 net profit of $199 million (year-earlier: $78 million). Fleet-wide TCE averaged $40,102 a day, with LR2 at $52,575, LR1 at $38,667 and MR at $36,137 a day. As of 28 October, the company had fixed 53% of its fourth-quarter earning days at an average of $78,419 a day (LR2 alone: 68% at $112,150 a day). After the quarter, TORM agreed to order eight LR2 newbuildings through a 50/50 joint venture, for delivery in 2029–2030.

Note: This information is compiled from public sources and is for reference only.