This week’s report on the tanker market shows a positive turnaround for VLCCs, with rates improving across all Baltic routes. In the Suezmax market, rates saw significant improvement in the West, though less so in the Middle East. The Aframax market experienced mixed results, with a slight gain in the North Sea, a slip in the Mediterranean, and a downward trend in the Atlantic.
VLCC
The VLCC market experienced a positive week with rates improving across all routes monitored by the Baltic Exchange. The TD3C route (Middle East Gulf to China) saw a 12-point increase, resulting in a daily round-trip TCE of $37,158. In the Atlantic market, the TD15 route (West Africa to China) rose by 6 points, leading to a daily TCE of $37,398. The TD22 route (US Gulf to China) also saw a significant increase of over $436,000, bringing its rate to nearly $7.1 million and a daily round-trip TCE of approximately $34,200.
Suezmax
Suezmax rates showed significant improvement, particularly in the West. The TD20 route (Nigeria to UK Continent) and the TD27 route (Guyana to UK Continent) both saw substantial gains of 34 and 38 points, respectively, with both routes settling at WS120.56 and yielding daily TCEs of around $55,500. The TD6 route (CPC to Augusta) also improved by 26 points, resulting in a daily TCE of over $61,100. In contrast, the Middle East market saw only a minor increase, with the TD23 route (Middle East Gulf to the Mediterranean) gaining two points to WS98.
Aframax
The Aframax market showed mixed results. The North Sea market was stable, with the TD7 route (Cross-UK Continent) gaining one point to WS119.58, corresponding to a daily TCE of $31,251. In the Mediterranean, the TD19 route (Cross-Mediterranean) experienced a slight decline of two points to WS148.83, with a daily TCE of just under $37,800. The Atlantic market, after peaking mid-week, started a downward trend. The TD26 route (East Coast Mexico to US Gulf) lost 14 points, while the TD9 route (Covenas to US Gulf) dropped 19 points, leading to daily TCEs of approximately $39,200 and $34,100, respectively. The trans-Atlantic route (TD25) also saw a significant drop of 24 points to WS151.11, giving a daily TCE of $36,160. Two new routes, TD28 (Vancouver to China) and TD29 (Vancouver to US West Coast), were introduced this week, with TD28 at $1,850,000 and TD29 at WS133.75, both showing a slight decline since their publication.
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Source: Baltic Exchange
