VLCC
The diabolical market continues with rates in the Middle East for 280,000mt to US Gulf (routing via the Cape/Cape) in the WS18-18.5 region while 270,000mt to China is valued at the WS31 level (showing a round-trip TCE of $-4,200/day). In the Atlantic, rates for 260,000mt West Africa to China are again at the WS33 mark (a TCE of $-800/day round trip) and 270,000mt US Gulf to China saw a drop of $62,500 to $3.95 million (a roundtrip TCE of $1,300/day).
Suezmax
In West Africa there was a little more enquiry than has been typical of late, which caused a modest 1.5 point improvement in rates for the 130,000mt Nigeria/UK Continent market to the WS54 level (a round trip TCE of $1,900/day), while rates for 135,000mt Black Sea/Med rose 1 point to about WS58.5 (a round-trip TCE of about $-5,800/day). The Middle East market remained busy this week and rates for the 140,000mt Basrah/Med trip pegged at the WS26 mark, although it is worth noting that Exxon are reported on subjects with a Delta suezmax 140,000mt at WS27.5 for a trip Basrah/West.
Aframax
In the Mediterranean, the market for 80,000mt Ceyhan/Lavera remains pegged at the WS85-86 mark (showing a round-trip TCE of $2,300/day). In Northern Europe the market for 80,000mt Cross-North Sea remained flat at the WS94 level (a round trip TCE of $-3,400/day) while in the 100,000mt Baltic/UK Continent market rates eased three points to about WS57.5 (a round trip TCE of $-2,100/day).
Across the Atlantic, the Caribbean market remained static with rates for 70,000mt Caribbean/US Gulf at WS75 (a round-trip TCE of $-1,800/day) while the Gulf of Mexico region has seen a tightening position list leading to a slightly more positive sentiment. Rates for 70,000mt East Coast Mexico/US Gulf gained 3.5 points to WS82.5 (a TCE of about $-350/day round trip) and the market for 70,000mt US Gulf/UK Continent improved by 2.5 points to WS69-70 level (showing a round trip TCE of $-1,200/day, which would be positive basis one-way economics).
Clean
The Middle East Gulf has seen continuing healthy activity levels driving freight rates upwards. On the LR2s to Japan TC1 rose 10.41 points to WS103.33, a round-trip TCE of $9,584/day. The LR1’s have been particularly busy and TC5 55k Middle East Gulf / Japan now at WS140.36 up WS31.43 points, a round-trip TCE $14,005/day. TC8 Middle East Gulf / UK-Continent also continued to surge and is now marked at $30.92/ton (up $6.38/Ton). MR rates 35k Middle East Gulf / East Africa (TC17) climbed another 13.5 points to WS189, showing a round-trip TCE of $11,257/day.
The Mediterranean Handy market has seen more of the same with rates mainly sideways, only to be tested a little as the week progressed.TC6 30kt Skikda / Lavera ended up at WS116.38 (down WS1.43). The LR2s however, have seen some positivity at the end of the week and TC15, 80k Mediterranean / Japan is up $85,000 to $1.685 million.
Stability prevailing in the Baltic Handy market, rates have held until the end of the week. TC9 30k Baltic / UK-Continent dropped a little to WS143.57 (down WS0.71). On the UK-Continent MR freight levels have degraded through the week, and the TC2 37k UK-Continent / US Atlantic Coast is now at WS110 (down WS24.72), showing a round-trip TCE of $2,264/day. TC19 37k Amsterdam to Lagos also showed a similar decline to WS115.83 (down WS25).
The LR1s on TC16 60k Amsterdam / Offshore Lome have remained relatively unfazed thus far and currently up 1WS to WS81.
A busy start to the week in the Americas pushed a temporary spike in rates that then resettled. TC14 38k US Gulf / UK-Continent route now at WS81.79 (up WS1.08) and TC18 35k from US Gulf / Brazil, after the fluctuation ended up at WS119.58 (up WS2.5).
The MR Atlantic basket TCE dropped from $7803/day to $5709/day.
Source: The Baltic Briefing