The market for Very Large Crude Carriers (VLCCs) transporting Middle East Gulf (MEG) crude experienced a slight decline this week. While there was sufficient demand to prevent a significant market collapse, freight rates for certain routes, such as TC1 (75,000 MT MEG to Japan) and TC20 (90,000 MT MEG to UK-Continent), saw a modest decrease, reports Baltic Exchange.
MR Tankers
- Middle East Gulf (MEG): Positive sentiment continued, with TC17 (MEG/East Africa) nudging higher.
- UK-Continent: Rates stalled, with TC2 (ARA/US-Atlantic coast) and TC19 (ARA/West Africa) declining slightly.
- US Gulf: Firming sentiment continued, with TC14 (US-Gulf/UK-Continent) and TC18 (US-Gulf/Brazil) showing significant gains.
Handymax
- Mediterranean: Rates declined sharply, with TC6 experiencing a significant drop.
- UK-Continent: TC23 (Cross UK-Continent) remained relatively stable.
VLCC
- Market appears to have bottomed out.
- Rates stabilized on key routes like TD3C (Middle East Gulf/China), TD15 (West Africa/China), and TD22 (US Gulf/China).
Suezmax
- Charterer pressure continued, especially in the Atlantic.
- Rates declined on routes like TD20 (Nigeria/UK-Continent), TD27 (Guyana/UK-Continent), and TD6 (CPC/Med).
Aframax
- North Sea: Rates gained on the TC7 (Cross-UK Continent) route.
- Mediterranean: Rates improved on the TC19 (Cross-Mediterranean) route.
- Atlantic: Mixed performance, with some routes showing gains while others remained stable.
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Source: Baltic Exchange
