The Baltic Briefing has released a report about the tanker market of the 10th week of shipping activities of this year. The report dated 8th March highlights the plight of the tanker market at the on-sight of the 10th week.
- Initial optimism of long east from the Middle East Gulf, fixing at close to WS 70 evaporated, with Unipec paying WS 65 to China.
- Going west, rates for 280,000mt to the US Gulf were again assessed at WS 32.5 Cape/Cape.
- In West Africa, rates for 260,000mt to China settled at WS 65-66.
- US Gulf to South Korea went at $6.75 million compared to $7.0 million the previous week.
- Hound Point to South Korea fixed at $6.4 million.
- West Africa rates for 130,000mt to UK/Continent hovered around WS 65 before a longer voyage.
- Scandinavia went at WS 62.5 with the market still under downward pressure.
- Black Sea/Mediterranean rates for 135,000mt held in the very low WS 80s.
- In the Mediterranean, ENI paid WS 110 for 80,000mt from Ceyhan, but increased tonnage availability saw rates ease to around WS 102.5. Vitol fixed a Black Sea cargo at WS 115, down from low WS 130s.
- In the Baltic, initially, rates dipped to WS 85 before recovering to low WS 90s.
- Similarly, the 80,000mt cross North Sea market gained five points to WS 107.5.
- The 70,000mt Caribs up-coast market fell 15/17.5 points to high WS 90s.
- RRates for 75,000mt Middle East Gulf/Japan weakened five points to WS 97.5, with the 55,000mt easing 2.5 points to WS 107.5.
- The market for 37,000mt Continent/USAC hit WS 145, up from WS 120, while the 38,000mt trade from the US Gulf to UK/Continent dropped 27.5 points to WS 102.5.
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