Weekly Tanker Report – Week 27, 2019

By
Mfame Team
-
1257

The Baltic Briefing has issued the tanker report for the 27th week of this year. The report dated 5th July 2019 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.

VLCC

  • Rates in the Middle East arena softened by WS 1.5-2 points over the week, despite geopolitical tensions remaining.
  • 270,000mt Middle East Gulf to China is now at WS 48 level.
  • 280,000mt Middle East Gulf to US Gulf basis Cape to Cape is at WS 20.
  • Meanwhile, 260,000mt West Africa to China settled at WS 47-48 range. 270,000mt US Gulf to China reduced significantly from $5.7m to about $5.25m.

Suezmax

  • 130,000mt West Africa to UK Continent undulated this week, rising to WS 75 before falling back to low WS 60s.
  • It was a different story for 135,000mt Black Sea to the Mediterranean as owners managed to apply pressure, lifting the market a couple of points to low WS 80s.
  • In the Middle East, the market remained flat with no reported activity, leaving 140,000mt Basrah to the Mediterranean assessed at WS 39-40 level.

Aframax

  • This week in the Mediterranean the recent gains were canceled out, with rates falling about WS 12.5 points to low-mid WS 90s for 80,000mt Ceyhan to the Mediterranean.
  • 80,000mt Cross-North Sea rose a couple of points to WS 90 level. It was a rise that was mirrored in the Baltic, with 100,000mt Baltic to UK Continent now at WS 65.
  • There was limited activity stateside, a short week, due to American Independence Day, pulled the rates down a dozen or so points, with 70,000mt Caribbean to US Gulf now at WS 67.5 and 70,000mt US Gulf to the Mediterranean at WS 65.

Clean

  • The Middle East clean market weakened this week, more so for LR1s, as the differential to LR2s was reduced.
  • 75,000mt Middle East Gulf to Japan fell about 5 to 7.5 points to very low WS 90s.
  • Arabian Gulf to Japan capitulated to mid WS 90s, from WS 110 a week ago.
  • 35,000mt Middle East Gulf to East Africa dropped off about WS 12.5 points to WS 120.
  • In Europe, rates for 37,000mt Continent to the US Atlantic Coast initially rose to mid/high WS 140s before settling back to WS 137.5/140 level.
  • 30,000mt Cross-Mediterranean rose almost WS 30 points to WS 165 region. This was aided by increased delays in the Turkish Straits, causing a stronger Black Sea market.

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Source: BalticBriefing