VLCC
According to Fearnlets, The VLCC market held steady through Week 49, with MEG–East trades still sitting in the low W120s. Rates today look almost identical to last Wednesday. Owners tried to lift sentiment by offering levels around W150 on MEG–Vietnam business, yet the fixture settled at W123.5. The vessel involved was 16 years old and performed slightly better than a standard TD3C comparison.
Interestingly, none of the expected oil-company or trader relets appeared. That absence raised questions about how much of the relet list is genuine and how much is window dressing. Even so, the position list stays balanced, and it could tighten quickly if charterers delay or must revisit earlier ideas.
In the Atlantic, momentum lags. Brazilian export flows continue, but each new fixture trims rates by a point or two, mainly on relet tonnage.
Suezmax
Activity increased sharply at the start of the week. More than 20 units went on subs overnight, and details stayed limited. Off-market fixing in the Atlantic absorbed a notable number of ships, removing a good portion of prompt supply. Despite that, the remaining tonnage in the current window in West Africa still looks sufficient.
Market players now question how much December volume remains in both WAF and the US Gulf. Next week may bring more direction as the January WAF programme enters the natural three-week fixing window. The CPC January programme will also be released and should influence sentiment.
In the MEG, the list tightened and rates held largely stable. However, demand may ease toward week’s end as several sources indicate the Indian market has closed out December requirements.
Aframax
North Sea
The region saw steady fixing, with most second-decade stems covered. Rates stayed firm overall. Some softer sentiment appeared for select cargoes, but downward pressure remains limited. Continued ballast moves toward the TA and Mediterranean kept supply balanced and helped maintain rate stability.
Mediterranean
It was a very active week in the Med and Black Sea. Additional third-decade cargoes were worked, yet rates hovered around last-done levels. Activity is expected to stay healthy next week. Owners could attempt to push levels, unless holiday mode slows negotiations.
Spot Market Rates (WS)
-
MEG/West 280kt: 67.5 (-2.5)
-
MEG/Japan 280kt: 124 (+0.5)
-
MEG/Singapore 280kt: 125 (0)
-
WAF/Feast 260kt: 112.5 (-4)
-
WAF/USAC 130kt: 120 (-7.5)
-
Sidi Kerir/W Med 135kt: 140 (-10)
-
N. Afr/Euromed 80kt: 185 (-10)
-
UK/Cont 80kt: 155 (-5)
-
Caribs/USG 70kt: 190 (-5)
Time Charter (1-Year, Modern ECO/Scrubber)
-
VLCC: $60,500/day
-
Suezmax: $47,000/day
-
Aframax: $34,000/day
VLCC Activity Snapshot
-
Fixtures last week: 63
-
MEG availability next 30 days: 121 units
Did you subscribe to our daily Newsletter?
It’s Free — Click here to Subscribe!
Source: FearnPulse
