Tankers saw mostly declining rates this week, with drops across LR, VLCC, Suezmax, and Aframax segments, while MRs and Handymax tankers experienced rate volatility in specific regions, reports Baltic Exchange.
LR2
MEG LR2’s have been subject to bearish sentiment over the last week with tonnage plentiful. Freight levels have dwindled as result, TC1 75kt MEG/Japan has taken a 12.5-point tumble to WS105 and TC20 90kt MEG/UK-Continent shed another $200,000 to $3.75m.
West of Suez, Mediterranean/East LR2’s have clung on this week. TC15 is currently pegged at $2.97m, a just under $80,000 step up and taking the Baltic round trip TCE to $7,662 /day.
LR1
In the MEG, LR1’s have also been lacklustre from depleted enquiry. TC5 55kt MEG/Japan came off 5 points to WS121.79 and on a trip west on TC8 65kt MEG/UK-Continent fell from $3.34m to $2.14m.
On the UK-Continent, TC16 remained dormant with the index assessed around WS110 all week.
MR
MEG MR’s also saw their freight levels drop this week. Subsequently, the TC17 index has dropped from WS193.71 to WS170 despite enquiry reported to have been a little better.
UK-Continent MR’s continued to be squeezed this week. The TC2 37kt ARA/US-Atlantic coast index came off 7.5 points to WS84.38 and likewise TC19 37kt ARA/West Africa sunk to WS114.69 (-11.87).
USG MR’s resurged optimistically last week. TC14 jumped 42.5 points to WS176.07. TC18 also shot up to WS222.14 (+47.14). TC21 added 72% to its value from last week and is currently pegged at $728,571 up from $423,571.
The MR Atlantic Triangulation Basket TCE climbed from $17,548 to $24,633.
Handymax
Mediterranean Handymax’s dipped from WS145.28 to WS140.56.
Up on the UK-Continent, TC23 came down circa 10 points to WS128.33.
VLCC
The VLCC market dropped of this week across all areas. The 270,000 mt Middle East Gulf to China (TD3C) trip lost 4 points to WS52.85, which gives a daily round-trip TCE of about $31,265 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) tumbled 8 points at WS54.39 (corresponding to a round voyage TCE of $33,451 per day), and the rate for 270,000 mt US Gulf/China (TD22) dropped by $230,000 to close the week at $7,777,500 (a daily round trip TCE of $37,437).
Suezmax
Suezmax rates suffered another drop in value. In West Africa, the 130,000 mt Nigeria/UK Continent voyage (TD20) slipped 4 points to WS94.83, meaning a daily round-trip TCE of $35,857. The TD27 route (Guyana to UK Continent basis 130,000 mt), eased 3 points to WS91.44 which translates into a daily round trip TCE of $33,602 basis discharge in Rotterdam. For the TD6 route of 135,000 mt CPC/Med, owners gave up another 5 points, at WS106.10 (showing a daily TCE of $38,628 round-trip). In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) is assessed 3 points lower than a week ago again, at WS98.06.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent (TD7) fell 13 points to the WS130 mark (giving a daily round-trip TCE of just over $32,000 basis Hound Point to Wilhelmshaven).
In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean (TD19) collapsed by 42 points to WS121.00 (basis Ceyhan to Lavera, that shows a daily round trip TCE of about $27,400).
Across the Atlantic, the market spent another week in decline mode. Rates for the 70,000 mt East Coast Mexico/US Gulf (TD26) route and the 70,000 mt Covenas/US Gulf (TD9) route fell another 5-6 points each to the WS142.5-145 level, showing a daily round-trip TCE of about $28,500 and $31,400, respectively. The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) fell by WS4 points to WS159.72 (a round trip TCE basis Houston/Rotterdam of $36,754 per day).
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Source: balticexchange
