Medium-range (MR) tanker freight rates have been easing off this week after surging to a near seven-year high last week.

As of March 26, the Baltic Exchange assessed the Singapore-Japan rate at Worldscale 149.06 or US$15,208 per day, down from W156.88 or US$16,778 per day a week ago.

The South Korea-Singapore rate was assessed at US$13.53 per tonne or US$15,730 per day, down from US$14.23 per tonne or US$17,283 per day on March 19.

SK Energy booked NCC Rabigh for an Ulsan-Singapore trip this week, but rates were not revealed.

Shell also booked Ocean Autumn for an Osaka-Singapore trip, but did not reveal rates.

A Singapore- based broker said, "Rates are weakening because demand has dropped in the Far East [Asia Pacific] and Southeast Asia has been very quiet for the past few days."

Although the Baltic Exchange assessed the Singapore-East Coast Australia rate at W182.94 or US22,374 per day, down from W188.13 or US$23,545 per day on March 19, the broker said W180 is possible.

No Singapore-Australia and Singapore-Japan fixtures have been reported so far this week.

Broker EA Gibson concurred in a note, "The Singapore spot market is not as short on tonnage as it was last week and some of the firmness is ebbing away."