The Baltic Briefing has released a report about the tanker market of the 9th week of shipping activities of this year. The report dated 1st March highlights the plight of the tanker market at the on-sight of the 9th week.
- Renewed activity from the US Gulf has been driving the market. A run to Korea went at $7 million, with firmer sentiment seen in all areas.
- A 270,000mt vessel from the Middle East Gulf went to Korea at WS 67.5, conservatively representing a gain of 10 points plus for China discharge.
- Going west, rates for 280,000mt to the US Gulf are now seen around 3.5 points higher at WS 32.5 Cape/Cape.
- In West Africa, at the start of the week fixtures were concluded at WS 60 and WS 61, but with rates now assessed in the mid WS 60s.
- West Africa rates for 130,000mt to UK Continent have been hovering between WS 65 and WS 67.5 in the region.
- Black Sea/ Mediterranean rates for 135,000mt under downward pressure after initially holding in the low to mid WS 80s.
- In the Mediterranean, it was a more encouraging week for owners, with the market for 80,000mt from Ceyhan gaining around 20 points to WS 107.5/108 region.
- It is aided by the significant uptick in rates in the Black Sea, with the equivalent of WS 132.5 fixed here, up 30 points from a week ago.
- In the Baltic, limited enquiry for 100,000mt to UK Continent saw rates ease 10 points to WS 95, with the 80,000mt cross-North Sea market the following suit and losing 12.5 points to WS 102.5.
- The 70,000mt Caribbean up-coast market came under relentless downward pressure, with the market now at WS 115, having started the week in the low/mid-WS 140s.
- Rates for 75,000mt from the Middle East Gulf to Japan dropped 7.5 points to WS 102.5, with the 55,000mt market steady at WS 110.
- The market for 37,000mt Continent/USAC lost almost 10 points to around WS 120, while the 38,000mt trade from the US Gulf to UK Continent eased 17.5 points to WS 102.5 level.
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