In the Middle East Gulf freight rates for LR’s have strengthened with TC1 75k Middle East Gulf / Japan, increasing from WS90.28 to finish the week at WS130.17 (+WS39.89), a round trip TCE of $26,757/day. This has had a knock-on effect on MRs with TC17, 35kt Middle East Gulf / East Africa, showing similar gains, resulting in an increase of WS46.43 points to WS255 and a round trip TCE of $29,776/day.
The LR1’s of TC16 60k Amsterdam / Offshore Lomé steadily increased over the course of the week, gaining +WS3.43 points to finish at WS114.06.
West of Suez, on the LR2’s, TC15, 80k Mediterranean / Japan, were mostly flat ending the week at $2,391,667.
LR1’s have also seen a similar gains over the last week with TC5, 55k Middle East Gulf / Japan, steadily increasing WS37.19 to WS138.75. On TC8 Middle East Gulf / UK-Continent rates softened throughout finishing at 43.30 $/mt (a lumpsum equivalent of $2.8m).
Rates for MRs in the US have continued the volatility seen since the beginning of the year, starting off at WS138.33 for TC14 38k US Gulf / UK-Continent, reaching a peak around WS151.25 at the end of the week. TC18 the MR US Gulf / Brazil followed TC14 to end the week at WS228.75 (+7.08). TC21, MR US Gulf / Caribbean, started the week at $787,500 increasing and peaking at $945,833 (+$158,333).
On the UK-Continent, MRs freight levels have been steadily increasing with TC2, 37k UK-Continent / US Atlantic Coast, finishing the week at WS172.75 (+WS13). TC19, 37k Amsterdam to Lagos, followed suit and finished at WS182.5 (+WS13.12).
VLCC
The market in the Middle East softened this week, mostly seen in the earnings rather than fixing rates, while the Atlantic markets gained a little. In the Middle East, the rate for 270,000 mt Middle East Gulf to China yesterday was assessed at WS51.33, a week-on-week drop of 0.7 points, although the daily round-trip TCE of $27,800 basis the Baltic Exchange’s vessel description is $3,200 lower than last Friday). The 280,000 mt Middle East Gulf to US Gulf trip (via the cape/cape routing) remained flat in the WS32-32.5 range.
In the Atlantic market, the 260,000 mt West Africa/China rate remained steady around the WS53 mark (which shows a round voyage TCE of $31,300/day, which is about $2,000 lower week-on-week). The rate for 270,000 mt US Gulf/China has continued firming and is $461,111 more than last Friday at $8,244,444 (about $33,200/day round trip TCE).
Suezmax
Suezmaxes in West Africa have had another poor week with rates still dropping. For 130,000 mt Nigeria/Rotterdam rates lost another 11 points to settle a little below WS72.5 (a daily round-trip TCE of $18,300). In the 135,000 mt CPC/Med market, rates are down again, losing a further four points to just above WS90 (showing a daily TCE of $24,800 round-trip). In the Middle East, the rate for 140,000 mt Basrah/Lavera gained a point to almost WS60.
Aframax
In the North Sea, the rate for the 80,000 mt Hound Point/Wilhelmshaven faced a reset in the market and is now assessed 15 points down over the course of the week to WS120.36 (showing a round-trip daily TCE of $24,100). In the Mediterranean, the rate for 80,000 mt Ceyhan/Lavera is also on a downward trajectory, losing 16 points since last Friday to WS104 (a daily round trip TCE of $16,100).
Across the Atlantic, in the Stateside Aframax market, rates are tumbling once again. The rate for 70,000 mt East Coast Mexico/US Gulf collapsed 45 points to WS134.69 (which shows a TCE of $25,700/day round trip) and for 70,000 mt Covenas/US Gulf the rate has tumbled 38 points to WS127.5 (a round-trip TCE of $22,400/day). The rate for the trans-Atlantic route of 70,000 mt US Gulf/Rotterdam has been chopped by 37 points to WS123.13 (a round trip TCE of close to $22,400 per day).
Source: The Baltic Exchange
Source : helen