VLCC rates rebounded in the MEG, while Suezmax and Aframax faced pressure with falling rates. LR and MR markets showed mixed trends, with some improvements in the Atlantic basin, reports Baltic Exchange.
LR2
LR’s in the MEG have not had an easy week with plenty of available tonnage. The 75kt MEG/Japan TC1 index bubbled around the WS95 level. The 90kt MEG/UK-Continent TC20 run to the UK-Continent did, however, suffer after several fixtures reported mid-week at around the $2.85m level have driven the index down the $2.91m (-$550,000).
West of Suez, Mediterranean/East LR2’s on TC15 came down another $166,666 to $2.67m.
LR1
In the MEG, LR1 freight was a mixed bag this week. The 55kt MEG/Japan index of TC5 ticked up from WS103.75 to WS106.25 after a couple of fixtures reported later in the week. The 65kt MEG/UK-Continent of TC8 was a different story, and currently pegged at $2.52m (-$314,600).
On the UK-Continent, the 60kt ARA/West Africa TC16 index remained stable at WS112-113 all week.
MR
MR’s in the MEG were flat this week. The 35kt MEG/East Africa TC17 index ultimately dipped a modest 2.86 points to WS167.14.
UK-Continent MR’s showed a late week flutter of improvement. The 37kt ARA/US-Atlantic coast of TC2 came up 5 points to WS90.31. Similarly, TC19 (37kt ARA/West Africa) bottomed out at WS121.88 mid-week and is back up at WS126.25 at present.
The USG MR’s showed an inkling of the volatility they’ve become known for again this week. TC14 (38kt US-Gulf/UK-Continent) sunk to WS137.14 from WS162.5 only to then return to WS146.79 across the last 5 working days. The 38kt US Gulf/Brazil on TC18 mirrored TC14 bottoming out at WS185.71 from WS210.36 and is currently WS196.43. The 38kt US-Gulf/Caribbean TC21 trip pumped is currently marked at $464,286 down from $605,000 with a stop at $400,000 mid-week.
Handymax
In the Mediterranean, Handymax’s went sub WS100 this week -6.39 to WS95.83 taking the Baltic TCE for the trip into the negative.
Up in North West Europe, the TC23 30kt Cross UK-Continent regained a little to WS120.28 (+3.61).
VLCC
The VLCC market rebounded this week. The 270,000 mt Middle East Gulf to China trip (TD3C) recovered 5 points to WS54.10 which gives a daily round-trip TCE of $32,383 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) has improved by 3.5 points to WS55.72 (corresponding to a round voyage TCE of $34,637 per day), while the rate for 270,000 mt US Gulf/China (TD22) dropped by another $237,500 to $7,300,000 (a daily round trip TCE of $33,599).
Suezmax
Owners have been under pressure again this week with all the Baltic Exchange Suezmax routes losing ground. In West Africa, the 130,000 mt Nigeria/UK Continent voyage (TD20) fell by another 8 points to WS75.67, meaning a daily round-trip TCE of $24,416. The TD27 route (Guyana to UK Continent basis 130,000 mt) went a bit further, dropping 12 points to WS72.22 which translates into a daily round trip TCE of $21,983 basis discharge in Rotterdam. For the TD6 route of 135,000 mt CPC/Med, yet another 6 points were pulled from owners with the route now assessed at WS90.48 (showing a daily TCE of $26,626 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) lost a point to WS91.22.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) fell about 4 points to WS121.25 (giving a daily round-trip TCE of $25,204 basis Hound Point to Wilhelmshaven).
In the Mediterranean market, the rate for 80,000 mt Cross-Mediterranean (TD19) eased 3 points to WS118.31 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $24,387).
Across the Atlantic, again the market spent the week in the doldrums, although there is a little bit of positivity expected over the next few days with tightening positions and available cargoes. Rates for the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) fell 21-22 points each to the WS95-97.5 level, showing a daily round-trip TCE of about $10,300 and $10,600, respectively. The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) lost 17 points to WS111.11 (a round trip TCE basis Houston/Rotterdam of $19,537 per day).
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Source: Baltic Exchange
