LR2 and LR1 markets showed steady gains, while MR, Handymax, and Suezmax experienced significant declines. VLCC and Aframax softened across most routes, with limited positive momentum in Atlantic VLCC trades and a steady UK-Continent Aframax market, reports Baltic Exchange.
LR2
LR’s in the MEG continued their upward track week 39 albeit in a somewhat restrained fashion. TC1 climbed 6.64 points taking the index to WS147.78. For a voyage to the west on TC20 the index rose a modest 78,000 to around the $4,610,000 mark.
West of Suez, Mediterranean/East LR2’s on TC15 held relatively flat seeing an incremental improvement of $37,500 to $3,090,000.
LR1
In the MEG, LR1’s hopped up optimistically early in the week. On a TC5 run 55kt CPP AG/Japan the index jumped 7.5 points to WS170 points where it looks to have plateaued for the moment. For a voyage west on TC8 the index has settled up at the end of the week at $3,900,000 (+$71,500) .
On the UK- Continent, the TC16 index held firm for the second week on week at around the WS115 level.
MR
MEG MR’s have taken yet another recorrect down this week. The TC17 index was assessed 24.29 points lower than this time last week to WS185.
UK-Continent MR’s faced their own woes this week. TC2 dropped nearly 20% across the week and saw the index dip below WS100 for the first time since September 2021, its currently marked at WS94.56. TC19 in turn also shed 23.75 points off its value to WS113.83.
USG MR’s had their fair share of negative pressures in week 39. TC14 went from WS135 to WS120 with the Baltic TCE for the run just managing to hold over the $10,000 per day round trip. TC18 followed and is currently pegged at WS171.43 (down WS17.5). For a run down to the Caribbean on TC21 we saw the index cut down a little over 20% to $477,143, the lowest it’s been for a year.
The MR Atlantic Triangulation Basket TCE lost $5,645 to $16,251.
Handymax
In the Mediterranean, Handymax’s were battered down 29.72 points to WS102.91 and the Baltic round trip TCE for the run now only at $200 per day at this level.
On the UK-Continent, the TC23 dropped from WS160.68 to WS126.94.
VLCC
The VLCC market peaked early in the week, and by Wednesday was falling back steadily. The 270,000 mt Middle East Gulf to China trip fell 6 points to WS54.35 which gives a daily round-trip TCE of $32,152 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China dropped 5 points to WS57.22 (corresponding to a round voyage TCE of $35,610 per day), whilst the rate for 270,000 mt US Gulf/China managed to remain relatively steady, losing $55,000 week-on-week to $7,477,500 ($34,367 per day round trip TCE), however there are reports of an Admic vessel on subjects to Resource Marine loading 3rd decade October at $8,000,000 late on Thursday.
Suezmax
Suezmax rates have fallen away in week 39. In West Africa, the 130,000 mt Nigeria/UK Continent voyage shrunk by 6 points to WS73 (a daily round-trip TCE of $22,791). The TD27 route (Guyana to UK Continent basis 130,000mt) was assessed on Thursday, 4 points lower at WS75 which translates into a daily round trip TCE of $23,624 basis discharge in Rotterdam. In the Mediterranean and Black Sea region the rate for 135,000 mt CPC/Med eased back 6 points to WS84.60 (showing a daily TCE of $21,841 round-trip. In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) remained around the WS95 level.
Aframax
In the North Sea, the rate for the 80,000mt Cross-UK Continent again remained at WS115 (translating to a daily round-trip TCE of $21,099 basis Hound Point to Wilhelmshaven).
In the Mediterranean market the rate for 80,000mt Cross-Mediterranean contracted by 7 points to WS108.89 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $19,340).
Across the Atlantic, the market softened further in an attempt to find the new low. The 70,000mt East Coast Mexico/US Gulf (TD26) route and the 70,000mt Covenas/US Gulf (TD9) route both printed at WS84.69 on Thursday, between 5-6 points lower than a week ago showing a round-trip TCE of $5,727 and $6,686 per day, respectively). The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent (TD25) was static at the WS101/102 mark (a round trip TCE basis Houston/Rotterdam of $16,173 per day).
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Source: Baltic Exchange
