Fearnleys Weekly Report, Week 38

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It is not often we report gains of WS 20 points within a week. However, in a similar pattern to last month the Atlantic set the wheels in motion and drove the market upwards, as increased activity and a limited number of ballasters saw rates for USG/Ningbo climb to the USD 9.6m level. East of Suez, a lack of MEG Chinese vessels meant Unipec required significant additional market tonnage and astutely covered requirements on multiple vessels with a minimal uptick in rates.

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Source: Fearnleys

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