In Week 34 Recently, the tanker market saw varied performance across different vessel classes, with the VLCC sector experiencing a positive uptick, while the Aframax and Suezmax sectors showed mixed results. The MR market remained volatile with notable fluctuations throughout the week.
VLCC: Positive Gains Driven by Far East Demand
The VLCC sector saw an improvement in the US Gulf to Far East routes, with rates climbing from $7.2 million to $7.5 million. Although the US Gulf to UK Continent routes remained below the $3 million mark, the sentiment is that the market has bottomed out, with expectations of crossing the $3 million threshold next week.
Suezmax: Steady Activity with Modest Rate Increases
The Suezmax market witnessed steady cargo flow, leading to minor rate increases. The WAF to UKC routes saw a rise from WS75 to WS77.5, driven by a thinning vessel list and steady inquiries. However, overall gains remained modest.
Aframax: Stagnant Market with Limited Activity
The Aframax sector struggled to gain momentum due to inconsistent activity. Caribs and Mexico routes saw slight rate declines, while transatlantic routes showed some promise but lacked sufficient activity for significant rate hikes. The market is expected to hover around current levels, with potential resistance if activity picks up next week.
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Source: CRW
