VLCC Stable, Suezmax And Aframax See Varied Performance

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Mfame Editor
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The MEG LR2 market showed signs of improvement this week with higher activity levels. West of Suez, the TC15 (Mediterranean/East LR2) rate remained stable at approximately $2.85m, the same as last week, reports Baltic Exchange. 

VLCC

The VLCC market was generally stable this week, except for the US Gulf to China route (TD22).

  • Middle East Gulf to China (TD3C): Rates remained similar to last week, assessed at WS57.10 on Thursday, equating to a round-trip TCE of $38,342 (a $1,000 increase week-on-week).

  • West Africa to China (TD15): Rates slightly decreased by one point to WS58.50, resulting in a round voyage TCE of $40,633 per day (a $500 increase week-on-week).

  • US Gulf to China (TD22): Rates significantly dropped by $767,500 to $7,280,000, showing a daily round trip TCE of $36,497 (a decrease of about $4,700 per day week-on-week).

Suezmax

Suezmax owners attempted to increase rates this week.

  • Nigeria/UK Continent (TD20): Rates rose 2.5 points to WS87.83, resulting in a daily round-trip TCE of $36,548.
  • Guyana/UK Continent (TD27): Rates increased by one point to WS85.83, translating to a daily round-trip TCE of $35,061 (based on discharge in Rotterdam).
  • CPC/Med (TD6): Rates modestly improved by one point to WS100.9, equating to a daily round-trip TCE of $39,838.
  • Middle East Gulf to Mediterranean (TD23): Rates rose 1.5 points to just over WS91.

Aframax

Aframax tanker rates showed the following changes:

  • North Sea (TD7): The 80,000 mt Cross-UK Continent route eased slightly to WS107.5-110, resulting in a daily round-trip TCE of approximately $27,000 (Hound Point to Wilhelmshaven).

  • Mediterranean (TD19): The 80,000 mt Cross-Mediterranean route decreased by 3.5 points to WS121.28 (Ceyhan to Lavera), resulting in a daily round-trip TCE of about $29,733 (a decrease of approximately $1,000 week-on-week).

  • Atlantic (TD26 & TD9): The market weakened significantly due to stem cancellations and vessel rescheduling in Mexico.

    • TD26 (East Coast Mexico/US Gulf): Rates decreased by 10 points to WS132.78, resulting in a daily round-trip TCE of about $25,687.
    • TD9 (Covenas/US Gulf): Rates also decreased by 10 points to WS130.94, resulting in a daily round-trip TCE of about $24,833.

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Source: Baltic Exchange