The Baltic Briefing has issued the tanker report for the 20th week of this year. The report dated 17th May 2019 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.
- Despite healthy inquiry, rates have only modestly nudged up, with 270,000mt from the Middle East Gulf fixed at WS 40 and WS 42 to China.
- Yeosu discharge subsequently went at WS 39.75. Going west, the market remained steady at just under WS 19 Cape to Cape for 280,000mt to the US Gulf.
- West Africa to China basis 260,000mt is now hovering at WS 40.5, up 2.5 points from last week.
- US Gulf to China was fixed at $4.575 million.
- Hound Point to Korea was concluded by Litasco at $4.25 million.
- An excess of tonnage saw the market in West Africa dip down to WS 60 basis 130,000mt to Europe and remains under pressure.
- Sparse inquiry in the Black Sea saw a softer sentiment, with the market now assessed 2.5 points lower at around WS 75 region for 135,000mt.
- In the Mediterranean, rates were steady at around WS 107.5 for 80,000mt from Ceyhan, before BP fixed the ‘Lillesand’ at WS 100.
- The Black Sea fell 10 points to WS 105, while the Baltic market basis 100,000mt dropped over 22 points to WS 75 level.
- The 80,000mt cross North Sea trade moved in tandem, easing from WS 120 at the start of the week, to WS 107.5.
- In the Caribbs, the up-coast market for 70,000mt enjoyed a positive week gaining 35 points to WS 112.5.
- Middle East Gulf/Japan for 75,000mt held at WS 107.5, whilst rates for 55,000mt hovered close to WS 120 level.
- Another disappointing week in the 37,000mt Continent/USAC trade saw rates lose around 15 points to WS 105.
- For 38,000mt from the US Gulf to UKC, rates initially eased five points to WS 87.5, before recovering to WS 95.
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