In this note, we present recent developments of the LR sector spelled out in our 2017 Mid-Year Update. Year-to-date we have tracked within 11% of our January forecasts for this segment. Based on developments witnessed over the first seven months of this year, we have adjusted our expectations for 2017/2018 down slightly; however, for the long-term we project rates to follow the same slope of a slight recovery.
As a supplement to this year's 2017 Mid-Year Tanker Market Outlook Update, we've developed an "Outlook Scorecard," which provides a snapshot of previous market behavior as well as updates to our 2017 forecasts. The one-page format makes it a perfect desk reference that can be used through the balance of 2017.