The Baltic Briefing has issued the tanker report for the 4th week of this year. The report dated 29th January 2021 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.
VLCC
The VLCC sector saw rates pretty much static this week with ‘earnings’ ever so slightly up.
Middle East to USG
In the Middle East, 280,000mt to US Gulf via the Cape/Cape routing were unchanged at W18/18.5 level.
Middle East to China
270,000mt to China ticked up a single point to WS32.5 level (just about a positive TCE).
West Africa to China
In the Atlantic region, rates for 260,000mt West Africa to China hovered around WS32.5.
US Gulf to China
Rates for 270,000mt US Gulf to China gained close to $80k to settle around $4.3m.
Suezmax
Black Sea/Med market
In the 135,000mt Black Sea/Med market we saw rates climb a further seven points to now be assessed around WS70-72.5 level (about $7,000/day).
West African market
The West African market, meanwhile, again saw the biggest increase where 130,000mt Nigeria/UK Continent rates climbed more than 7.5 points to between 67.5-70 level (about $13,000 per day).
Basrah/Med market
In the 140,000mt Basrah/Med market, rates firmed two points to WS20-21 region.
Aframax
Rates for 80,000mt Ceyhan/Lavera increased five points this week to WS77.5-80 level (just over $1,800/day TCE).
Northern Europe rates
In Northern Europe, rates for voyages of 80,000mt cross-North Sea remained static at WS77.5 (a TCE of about -$6.5k/day).
The 100,000mt Baltic/UK-Continent rates dipped two more points to WS58 (about $1,700 per day).
On the other side of the Atlantic, the market eased with rates for 70,000mt Carib to US Gulf falling five points to about WS82.5/85 level (just below $3k/day TCE).
For the 70,000mt US Gulf to UK Continent trip, rates fell back three points to a fraction below WS73.
Clean
Middle East Gulf/Japan trade
In the Middle East Gulf/Japan trade, charterers have held the upper hand and owners have seen rates eroded further with 75,000mt to Japan easing around 2.5 points to low WS70s.
In the 55,000mt trade, the market is still hovering at, or very close to, mid WS70s.
AG/East Africa trade
In the 35,000mt AG/East Africa trade, the start of the week saw rates readjust down 8.5 points to WS140.
It has continued to soften with the market now at WS 135 and remains under pressure.
Cont/USAC market
For owners plying the 37,000 Cont/USAC market, it has been a positive week with the market gaining 15 points to WS130 level.
US Gulf market
However, with the weak market in the US Gulf, tonnage is ballasting across to the Continent. And, from 10th February onwards, the tonnage list consequently opens out somewhat so the market will need sustained enquiry if rates are to be maintained here.
US Gulf to UK-Continent backhaul trade
The backhaul trade of 38,000mt from US Gulf to UK-Continent has been steady at an insipid WS75 region, while the 38,000mt US Gulf to Brazil run has seen four points shaved off the rates, which now sit at WS107.5/108 region.
Cross-Mediterranean trade
In the 30,000mt cross-Mediterranean trade, a slower week and lack of weather delays saw rates readjust downwards from low WS160s to sit now in the very low WS 150s. Brokers feel there is potential for further softening here.
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Source: Baltic Exchange
