Freight rates saw varied movement this week: LR2s and LR1s dipped, MRs and Handymaxes had mixed performances, VLCCs rebounded, Suezmaxes were mostly stable, and Aframaxes showed minor fluctuations, reports balticexchange.
LR2
LR2 freight in the MEG continued to shuffle along at the current floor reached last week. The 75Kt MEG/Japan TC1 index remained in the mid WS130’s while the 90kt MEG/UK-Continent of TC20 comparably held at the $4.2m mark. West of Suez, Mediterranean/ LR2’s on TC15 dipped $150,000 to $3.34m.
LR1
In the MEG, LR1’s were both assessed around 10% lighter than last week. The 55kt MEG/Japan index of TC5 dropped 13.75 points to WS124.38 while the 65kt MEG/UK-Continent of TC8 shed another $393,000 to $3.05m. On the UK-Continent, the 60Kt ARA/West Africa TC16 index’s softening sentiment of last week emerged as the index dropped 7.77 points to WS135.56.
MR
MR’s in the MEG did not budge for the third week on week and the TC17 index continued to float along around the WS200-205 level. Meanwhile, UK-Continent MR’s have been a little volatile this week. The 37kt ARA/US-Atlantic coast of TC2 bottomed out at WS125 mid-week (down from WS150) before returning back up to WS130 where it currently rests. The 37kt ARA/West Africa (TC19) followed a similar pattern with a circa WS20 point differential to TC2, with the index currently at WS150.
The USG MR’s came under downward pressure this week. TC14 (38kt US-Gulf/UK-Continent) lost 18.93 points to WS131.07. The 38kt US-Gulf/Brazil of TC18 also came down to WS201.79 (-18.21) and the 38kt US-Gulf/Caribbean TC21 went from being assessed at $622,143 to $524,286.
Handymax
In the Mediterranean, Handymaxes had a welcome upturn. The TC6 index went from WS120 to WS161.67 with the Baltic TCE leaping from $4,778 to $15,367 /day round trip. In Northwest Europe, the TC23 30kt Cross UK-Continent sunk another 20% to WS130.63.
VLCC
The VLCC market took a turn for the better this week. The 270,000 mt Middle East Gulf to China trip climbed out of the doldrums, rising 13 points to WS59.25, which gives a daily round-trip TCE of $36,999 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China rose eight points to WS60.39 (corresponding to a round voyage TCE of $38,583/day), whilst the rate for 270,000 mt US Gulf/China ascended $197,550 to just breach the $7million mark at $7,002,500 ($30,418/day round trip TCE).
Suezmax
Suezmaxes in West Africa were very slightly weaker (about a point) this week with the rate for 130,000 mt Nigeria/UK Continent reaching the latest floor at WS75 (a daily round-trip TCE of $23,262). The new route (TD27) from Guyana to UK Continent basis 130,000 mt was assessed on Thursday at WS74.72, up almost two points week-on-week, which translates into a daily round trip TCE of $22,727 basis discharge in Rotterdam. In the Mediterranean and Black Sea region, the 135,000 mt CPC/Med route remained static around the WS86.5/87 level (showing a daily TCE of $24,596 round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) again remained around the WS84-85 mark.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent held at the WS120 level for another week (translating to a daily round-trip TCE of $24,596 basis Hound Point to Wilhelmshaven).
In the Mediterranean market, the rate for 80,000mt Cross-Mediterranean had another 10 points hacked away, closing on Thursday at WS121.22 (basis Ceyhan to Lavera that shows a daily round trip TCE of $25,158).
Across the Atlantic, the market slide has almost been halted. For 70,000 mt East Coast Mexico/US Gulf (TD26), owners managed to claw back almost a point at WS107.5 (a daily TCE of $13,619 round trip) while the rate for 70,000mt Covenas/US Gulf (TD9) dipped another two points to WS105 (a round-trip TCE of $13,159/day). The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent (TD25) hovered around the WS122 level (a round trip TCE basis Houston/Rotterdam of $22,625/day).
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Source: balticexchange
