Clean
The Middle East Gulf has been active this week with rates improving on all sizes. TC1 (75kt MEG/Japan) has had a weekly gain of six points to WS195.31 (a round-trip TCE of $52,300 per day). Meanwhile, the Western discharging TC20 recovered by $107,000 to 4,735,714. LR2s on the 55kt MEG/Japan run (TC5) have also risen six points to WS188.5 (a daily round-trip of $35,100). The TC8 (65kt MEG/UKC) remained flat at $3.7 million. For the MRs, the MEG/East Africa trip (TC17), the rate has risen over 21 points to a shade above WS216 ($22,800 per day round-trip TCE).
West of Suez, LRs have had a bit of a mixed week with rates for TC15 (90kt Skikda/Japan) marginally falling $58,000 to $3.9 million ($18,300 pd round trip TCE, about only $100 less than last week). TC16 (60kt Amsterdam/Offshore Lomé) rose 3.5 points to WS175 (a daily round-trip TCE of $36,100).
UK-Continent MRs have dramatically improved after last week’s lull, with TC2 (37kt Cont/USAC) and TC19 (37 ARA/West Africa) gaining about 42 points to WS198.89 (a round-trip TCE of $24,300 per day) and WS207 (about $27,000 daily round trip TCE) respectively. There are rumours of WS200+ being on subjects overnight for a TC2 voyage.
On the Handymax, TC6 (30kt Algeria/West Med) has recovered 41 points to WS221 (a daily round-trip TCE of $34,200). For TC23 (30kt A-R-A/UKC) the rate has improved by 7.5 points to break through WS170.
The US Gulf MR Market has continued to climb with TC14 (38 USG/UKC) gaining about 18 points to a fraction over WS185 (a daily TCE of $18,500 round-trip) while the 38kt USG/Brazil trip (TC18) rose by 31 points to above WS273 (a round trip TCE of $41,000 per day). On a run to the Caribbean TC21 has made further gains, up by over $229,000 to $1,066,667.
VLCC
The VLCC market strengthened dramatically this week with rates (and earnings) sharply improving on all routes. For the 270,000mt Middle East Gulf to China voyage the rate rocketed 27 points (38%) to WS98.55, which shows a daily round voyage TCE of $92,522 basis the Baltic Exchange’s vessel description. The rate for 280,000mt Middle East Gulf to US Gulf (via the cape/cape routing) is assessed 19 points higher at WS61.
In the Atlantic market, the rate for 260,000mt West Africa/China escalated 23 points (32%) to almost WS94 showing a round-trip TCE of $85,800 per day. The rate for 270,000mt US Gulf/China rose a comparatively meagre $1.015m (10%) to about $11.12 million ($58,600 per day round trip TCE).
Suezmax
The rate for 135,000mt CPC/Augusta was pared back this week with rates coming off 3.5 points to WS167 (a round-trip TCE of $87,000 per day). In West Africa the fundamentals were unable to support the sentiment and rates tumbled 25 points by Thursday’s assessment at WS116 for the 130,000mt Nigeria/Rotterdam voyage. Lower rates were expected going forwards, with Portuguese charterers reported to have put a ship on subjects at WS110 for a trip Djeno to Sines. In the Middle East, the rate for 140,000mt Basrah/Lavera is flat, hovering around the WS66 mark.
Aframax
In the North Sea market, rates for the 80,000mt Hound Point/Wilhelmshaven route fell back five points to WS175 (a round-trip daily TCE of about $72,000). In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera shed seven points – a shade above WS185 (a daily round trip TCE of $61,100).
Across the Atlantic, the Stateside Aframax market weakened with tonnage ballasting from Europe to try to latch on to the better earnings. The rate for 70,000mt East Coast Mexico/US Gulf lost 19 points to just below WS385 ($144,200 per day round-trip TCE). The rate for 70,000mt Covenas/US Gulf fell by almost the same to WS358.75 (a daily round-trip TCE of $121,800). For the Transatlantic route of 70,000mt US Gulf/Rotterdam, rates slid about 24 points to WS250 (showing a round-trip TCE of $72,700 per day).
Source: The Baltic Exchange
