In the MEG this week LR2 freight received a welcome upturn in freight rates this week. The TC1 rate for 75kt MEG/Japan resurged 41 points to WS207 and the 90kt MEG/UK-Continent TC20 voyage similarly cranked up its value by $1.28 million to $6.38 million.
West of Suez, Mediterranean/East LR2’s saw another drop this week due to inactivity to $3.46 million (-$142,000).
LR1
In the MEG, LR’1 freight also turned back up this week. The 55kt MEG/Japan index of TC5 went from WS193 to WS231 taking the Baltic round trip TCE for the run back to just under $40,000 per day. The 65kt MEG/UK-Continent of TC8 hopped up 16% to $4.74 million.
On the UK-Continent, the 60kt ARA/West Africa dropped by 11 points this week to WS185.
MR
MR’s in the MEG also showed positive movement this week. The TC17 35kt MEG/East Africa index added 22 points to its value this week to settled at WS306.
On the UK-Continent MR’s took more downward pressure this week. The 37kt ARA/US-Atlantic coast of TC2 shed 10 points to WS174. The TC19 run (37kt ARA/West Africa) the index managed to hold on to its value only dropping by two points overall this week to WS208.
USG MR’s have taken a battering this week from a large oversupply of vessels. TC14 (38kt US-Gulf/UK-Continent) another 41 points down to WS149 with the TCE dropping 37% to $13,900 per day round trip. The 38kt US Gulf/Brazil on TC18 went from WS276 to WS239 and the 38kt US-Gulf/Caribbean of TC21 dropped by 27% across the week to $664,000.
Handymax
In the Mediterranean, 30kt Cross Mediterranean (TC6) shot up 114 points this week to WS305. This lifted the Baltic TCE for the Run by 114% to $53,600 per day round trip.
Up in Northwest Europe, the TC23 30kt Cross UK-Continent improved for the second week on week to WS248 (+18).
VLCC
The market continued the downward trend this week. The rate for 270,000 mt Middle East Gulf to China repeated a weekly three point reduction and now sits at just below WS60 which corresponds to a daily round-trip TCE of about $36,000 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the 260,000 mt West Africa/China trip eased by about 1.5 points to WS62.89 which shows a round voyage TCE of around $39,600 per day. The rate for 270,000 mt US Gulf/China is assessed $100,000 lower at $8,585,000 translating into a round-trip daily TCE of $40,941.
Suezmax
The Suezmax market in West Africa took a tumble this week with the 130,000 mt Nigeria/UK Continent trip losing 18 points during the week to WS108.72 (a daily round-trip TCE of $40,939). In the Mediterranean and Black Sea region the rate slipped seven points to WS115.10 for the 135,000 mt CPC/Mediterranean trip (showing a daily TCE of about $42,225 round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) was assessed flat again at the WS96-97 level.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent gained a meagre two points to WS143.21 (a daily round-trip TCE of $41,650 basis Hound Point to Wilhelmshaven).
In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean was reduced by 16 points to end up at WS187.08 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $56,427).
Across the Atlantic, the Stateside market has been hammered back down, with the rate for 70,000 mt East Coast Mexico/US Gulf (TD26) being reduced by 49 points to WS187.19 (a daily TCE of $45,907 round trip) and the rate for 70,000 mt Covenas/US Gulf (TD9) is now 44 points lower than a week ago at WS180.63 (a round-trip TCE of $40,277 per day). The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) lost 31 points week-on-week to rest at WS189.44 (a round trip TCE basis Houston/Rotterdam of $44,321 per day).
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Source : Balticexchange
