LR2
MEG LR2’s have been somewhat lacklustre this week and have subsequently come under pressure. The TC1 rate for 75Kt MEG/Japan dipped 8.61 points to WS173.06 taking the Baltic TCE to just under $40,000/day round trip. The 90kt MEG/UK-Continent TC20 voyage went from $5.91m to $5.77m.
West of Suez, Mediterranean/East LR2’s came back down from last week’s improvement, meaning the TC15 index (80kt Med/Far East) lost $58,333 to $3.85m.
LR1
In the MEG, LR1 movement has been voyage direction dependent. The 55kt MEG/Japan index of TC5 went from WS224.4 to WS215.9 and the 65kt MEG/UK-Continent of TC8 settled up $357,000 at $5.26m, with majority of vessels preferring eastern discharge.
On the UK-Continent, a 60Kt ARA/West Africa run on TC16 held flat in the mid WS130’s with the TCE stable at just under $21,000/day Baltic round trip.
MR
MR’s in the MEG held stable this week. The TC17 35Kt MEG/East Africa index stayed around the WS245-250 level. This is still around $24,800/day Baltic round trip.
On the UK-Continent MR’s began to drop this week. The 37kt ARA/US-Atlantic coast of TC2 settled at WS178.4 down 11.25 points. The TC19 voyage (37kt ARA/West Africa) also dropped from WS207.8 to WS198.8.
As USG MR’s came under heavy downward pressure again this week. TC14 (38kt US-Gulf/UK-Continent) bottomed out at WS148.57 and is currently at WS156.79. The 38kt US Gulf/Brazil on TC18 similarly came down 42.15 points to WS225.7. The 38kt US-Gulf/Caribbean of TC21 came off circa 30% to $650,000.
The MR Atlantic Triangulation Basket TCE dropped $4,588 to $31,551.
Handymax
In the Mediterranean, 30kt Cross Mediterranean (TC6) improved 50 points to WS235. This took the Baltic round trip TCE up 66% to $35,095/day. In northwest Europe, the TC23 30kt Cross UK-Continent improved a modest 7.97 points to WS170.56.
VLCC
The VLCC market had another week of slightly weakened rates, with the benchmark 270,000mt Middle East Gulf to China slipping two points by Thursday to WS46.53, which gives a daily round-trip TCE of $22,642 basis the Baltic Exchange’s vessel description.
In the Atlantic, the 260,000mt West Africa to China TD15 trip was flat, with rates holding at the WS53 mark, showing a round voyage TCE of a little over $30,200/day. The rate for 270,000mt US Gulf to China fell by $282,500 to $7,335,000 corresponding to a round-trip daily TCE of $32,235.
Suezmax
The Suezmax market in West Africa held at last week’s level of around WS99 for the 130,000mt Nigeria to UK Continent TD20 benchmark route (a daily round-trip TCE in excess of $36,700), while the 135,000mt CPC/Mediterranean route slipped a point to WS118.55 (showing a daily round-trip TCE of $46,152). In the Middle East, the rate for 140,000mt Middle East Gulf to the Mediterranean (via the Suez Canal) continues to be assessed around the WS93 level.
Aframax
In the North Sea, the rate for the 80,000mt Cross-UK Continent hovered around WS130 (translating to a daily round-trip TCE of about $31,000 basis Hound Point to Wilhelmshaven).
In the Mediterranean market, the rate for 80,000mt Cross-Mediterranean remained at a steady WS151 (basis Ceyhan to Lavera that shows a daily round trip TCE of marginally above $39,600).
Across the Atlantic, Hurricane Beryl provided some uncertainty in the market at the beginning of the week, although by Thursday earnings had improved. For the 70,000mt East Coast Mexico/US Gulf (TD26) the rate has bounced back by 22 points to just shy of WS195 (a daily round-trip TCE of almost $51,000) while the rate for 70,000mt Covenas/US Gulf (TD9) improved by 14.5 points to close to WS185 (a round-trip TCE of nearly $43,000/day). The rate for the transatlantic route of 70,000mt US Gulf/UK Continent (TD25) regained only three points to WS182.78 (a round-trip TCE basis Houston/Rotterdam of $43,184/day).
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Source: balticexchange
