Freight rates for most clean tanker segments declined in the week ending February 16, 2026, according to data from the Baltic Exchange. The market for Medium Range (MR) vessels in the US Gulf saw particularly sharp drops.

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LR and MR Tanker Market Movements

On the MEG/Japan route for LR2 vessels, the rate dropped, reducing the time charter equivalent earnings. A westbound voyage from the Middle East Gulf to the UK-Continent also continued to decline in value. The LR1 market in the MEG similarly saw rates fall for both eastbound and westbound routes. In contrast, the LR1 freight rate on the UK-Continent to West Africa route remained unchanged.

MR freight in the Middle East Gulf fell, lowering the time charter equivalent for the route. MR rates on the UK-Continent to US Atlantic Coast route were assessed lower, with softening sentiment. In the US Gulf, MR freight levels declined sharply, with a Caribbean voyage losing significant value. The MR Atlantic Triangulation Basket TCE also decreased substantially.

Handymax and Larger Crude Tanker Markets

In the Mediterranean, Handymax rates decreased, while the Cross UK-Continent route saw an increase. The VLCC market freight levels slackened slightly overall. The rate for the Middle East Gulf to China trip was lower, though the US Gulf to China route gained over three hundred thousand dollars in value.

In the Suezmax sector, small gains were recorded in the West, while rates in the Middle East eased slightly. The new Baltic route for US Gulf to UK-Continent Suezmaxes recovered some points. In the North Sea, the rate for the Cross-UK Continent route remained flat, while the Cross-Mediterranean rate slipped further.

Atlantic Market Recovery and Pacific Exports

Across the Atlantic, the market significantly bounced back on both short and longer-haul voyages. Rates for routes from East Coast Mexico and Covenas to the US Gulf regained dozens of points, substantially increasing daily earnings. The transatlantic route from the US Gulf to the UK-Continent also gained points.

For Vancouver crude oil exports, the rate for voyages to China increased in value, while the rate for voyages to the US West Coast also gained points.

Source: IndexBox Market Intelligence Platform