The shipping market faced mixed performance this week. LR2 and LR1 rates in the Middle East Gulf declined, while Mediterranean LR2 rates plateaued. MR rates stabilized after initial drops. Handymax rates slightly increased in the Mediterranean and northwest Europe, reports Baltic Exchange.
LR2
LR’s in the MEG remained in the doldrums this week. The 75Kt MEG/Japan TC1 index dropped another 11.94 points to WS148.06. Correspondingly, a 90kt MEG/UK-Continent TC20 trip is currently assessed at $4.66m, down from $5.13m.
West of Suez, Mediterranean/ LR2’s on TC15 plateaued at about $4.2m where the index has been all week.
LR1
In the MEG, LR1’s have been cut down again this week. The 55kt MEG/Japan index of TC5 dropped 20.63 points to WS156.25. Likewise on the 65kt MEG/UK-Continent of TC8 lost nearly 20% of its value to $3.84m.
On the UK-Continent, the 60Kt ARA/West Africa TC16 index continued to quietly tick upwards and is currently marked at WS149.17.
MR
MR’s in the MEG were subject to downward pressure early in the week but appear to have reached a floor. The 35kt MEG/East Africa TC17 index went from WS231.43 to WS200 mid-week where it currently rests.
UK-Continent MR’s saw just enough activity to keep them from dropping dramatically this week. The 37kt ARA/US-Atlantic coast of TC2 bottomed out at WS192.81 down from WS205 but has since returned to WS199.38. TC19 (37kt ARA/West Africa) continued to follow TC2 and is currently marked at WS218.13 after flooring out at WS213.75.
The USG MR’s continued to display their peaks and troughs this week. Within the week TC14 (38kt US-Gulf/UK-Continent) went from WS170 to WS181.43 and back down to its current level of WS167.14. The 38kt US-Gulf/Brazil of TC18 followed suit but not to the same magnitude, with it currently sitting at WS242.86. A 38kt US-Gulf/Caribbean TC21 trip topped out at $837,000, up from $792,000 and not lies at $750,000.
Handymax
In the Mediterranean, Handymax’s shuffled around a bit with the TC6 30kt Cross-Med hitting WS220 mid-week from WS205 and is now WS215. Up in northwest Europe, the TC23 30kt Cross UK-Continent continued upwards from WS191.39 to WS207.5 .
VLCC
The VLCC market improved this week across all regions. The 270,000 mt Middle East Gulf to China trip rose six points to WS58.8, corresponding to a daily round-trip TCE of $36,358 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China climbed 4.5 points to WS59.83 (which shows a round voyage TCE of $37,885/day), whilst the rate for 270,000 mt US Gulf/China was pushed up $222,500 to $7,460,000 ($33,789/day round trip TCE).
Suezmax
Suezmaxes in West Africa softened again this week, with the rate for 130,000 mt Nigeria/UK Continent dropping seven points to WS87.47 (a daily round-trip TCE of $30,255/day). In the Mediterranean and Black Sea region, the 135,000 mt CPC/Med route eased by three points to WS101.55 (showing a daily TCE $33,687/day round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) slipped 2.5 points to WS85.61.
Aframax
In the North Sea, the rate for the 80,000mt Cross-UK Continent held at WS120 (translating to a daily round-trip TCE of about $24,200/day basis Hound Point to Wilhelmshaven).
In the Mediterranean market, the rate for 80,000mt Cross-Mediterranean slackened by 2.5 points to WS128.11 (basis Ceyhan to Lavera that shows a daily round trip TCE of about $28,500/day).
Across the Atlantic, the market is tumbling. For the 70,000mt East Coast Mexico/US Gulf (TD26) the rate dropped 34 points to WS201.25 (a daily TCE of close to $54,500/day round trip) while the rate for 70,000mt Covenas/US Gulf (TD9) slumped by 35 points to WS190 (a round-trip TCE of $45,500/day). The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent (TD25) lost 18 points to just below WS160 (a round trip TCE basis Houston/Rotterdam of about $35,500/day).
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Source: balticexchange
