The Baltic Briefing has released a report about the tanker market of the 7th week of shipping activities of this year. The report dated 15th February highlights the plight of the tanker market at the on-sight of the 7th week.
- A significant uptick in US Gulf enquiry saw rates to South Korea rise $1.1 million to $6.65 million.
- This positivism is filtered through to the Middle East Gulf, with 270,000mt to South Korea fixed at WS 47.5, up almost seven points from the previous week.
- Similarly, in West Africa, Petroineos took DHT tonnage at WS 49.5, a seven point gain from earlier in the week.
- West Africa rates held at WS 67.5, while Black Sea/Mediterranean rates for 135,000mt dropped five points to WS 85/87.5, with Turkish Straits delays continuing to reduce.
- It was a disappointing week for owners as rates continued to decline.
- 80,000mt cargoes from the East Mediterranean fixed at WS 90, while a long voyage to Portugal went at WS 77.5.
- Black Sea was 2.5 points lower at WS 107.5. In the Baltic, rates for 100,000mt gained 12.5 points to WS 87.5, with options cargoes paying WS 90.
- The 80,000mt cross North Sea market firmed 2.5 points to WS 100.
- The 70,000mt Caribs up coast market benefited from bad weather leading to gains of 14 points to WS 145.
- Rates for 75,000mt Middle East Gulf/Japan rose 7.5 points to WS 127.5, with 55,000mt losing 7.5 points to WS 112.5.
- A busier week saw rates nudge up 10 points to around WS 145 for 37,000mt Continent/USAC, before easing to WS 140.
- An active week combined with limited tonnage availability saw rates for 38,000mt from the US Gulf to UK Continent gain almost 37.5 points to close to WS 120.
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Source: The Baltic Briefing