This week has seen a downward trend for MEG (Middle East Gulf) LR2 (Long Range 2) tankers. The TC1 index, representing a 75,000-ton cargo movement from the MEG to Japan, decreased from WS123.33 to WS110.56. Similarly, the TC20, a 90,000-ton voyage from the MEG to the UK-Continent, experienced a loss of $231,250, settling at $3.25 million, reports Baltic Exchange.
VLCC
The VLCC market saw rates decline in all regions.
- The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) fell by 6.5 points to WS59.55, resulting in a round-trip TCE of $41,547 per day, approximately $8,000 per day lower than the previous week.
- In the Atlantic, the rate for the 260,000 mt West Africa/China (TD15) decreased by four points to WS61.69, giving a round voyage TCE of $44,561 per day.
- The 270,000 mt US Gulf/China (TD22) route saw a significant loss of $186,533, assessed at $8,660,000 on Thursday, which translates to a daily round-trip TCE of $48,578.
Suezmax
Suezmax owners faced increased pressure, leading to lower rates across the board.
- The 130,000 mt Nigeria/UK Continent voyage (TD20) rate fell by almost 10 points to WS89.44, resulting in a daily round-trip TCE of $37,051.
- The TD27 route (Guyana to UK Continent, 130,000 mt basis) decreased by 13 points to WS88.33, translating to a daily round-trip TCE of $36,042 based on discharge in Rotterdam.
- The TD6 route (135,000 mt CPC/Augusta) experienced a significant drop of 21 points to WS109.15, showing a daily TCE of about $44,500 round-trip. This decline is attributed to a major charterer from CPC having sufficient নিজস্ব tonnage.
- In the Middle East, the TD23 route (140,000 mt Middle East Gulf to the Mediterranean) fell slightly more than 1.5 points to just below WS90.
Aframax
The Aframax market showed varied trends across different regions.
- In the North Sea, the 80,000 mt Cross-UK Continent route (TD7) decreased by seven points to WS125, giving a daily round-trip TCE of approximately $39,100.
- The Mediterranean market saw a significant drop, with the 80,000 mt Cross-Mediterranean (TD19) rate plummeting by 20 points to WS155 (basis Ceyhan to Lavera), resulting in a daily round-trip TCE of about $43,500.
- Across the Atlantic, rates for local business declined, while longer trans-Atlantic voyages remained stable. The 70,000 mt East Coast Mexico/US Gulf (TD26) and Covenas/US Gulf (TD9) routes tumbled by 28 points to WS140, showing daily round-trip TCEs of around $29,100 and $28,800, respectively.
- The trans-Atlantic route (70,000 mt US Gulf/UK Continent, TD25) remained steady at the WS149-150 level, giving a round-trip TCE of $36,300 per day.
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Source: Baltic Exchange
