A weekly report on tanker markets shows a dramatic improvement for Very Large Crude Carriers (VLCCs), while the Suezmax and Aframax sectors experienced a mix of firm and declining rates in different regions.
VLCC
The VLCC market saw significant gains, particularly in the Middle East and US Gulf. The rate for the 270,000 metric ton (mt) Middle East Gulf to China trip (TD3C) increased by 11.5 points to WS105.33, with a daily round-trip TCE of $95,835. In the US Gulf to China market (TD22), the rate firmed by over $2,000,000 to nearly $12,500,000, resulting in a TCE of approximately $81,250.
Suezmax
The Suezmax market remained firm with slight gains. The rate for the 130,000 mt Nigeria to UK Continent voyage (TD20) rose by 2.5 points to WS115.83, which translates to a daily round-trip TCE of $53,283. The rate for the 140,000 mt Middle East Gulf to the Mediterranean route (TD23) was assessed 2.5 points higher at WS102.5.
Aframax
The Aframax market showed varied performance by region. In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) recovered 9 points to nearly WS130, with a daily round-trip TCE of over $40,500. However, the Atlantic market saw a downturn, with the rate for the 70,000 mt East Coast Mexico to US Gulf route (TD26) losing 12.5 points to under WS162. Similarly, the trans-Atlantic route from the US Gulf to the UK Continent (TD25) was reduced by 17 points to WS160.
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Source: Baltic Exchange
