Weekly Tanker Report – Week 1, 2023

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Credits: Natalya Letunova/Unsplash

Baltic Exchange has issued the tanker report for the 1st week of this year. The report of 06th January 2023 provides valuable insight into this week’s tanker market dealings, freight rates, and charter activities.

Clean

The Middle East Gulf has been tested hard this week with fixing being conducted off market and fixing levels on 2023 flat rates yet to be seen on the LRs. On the MRs, WS355 has been reported on subjects for a TC17 run at the end of the week on 2022 flat rates – converting to approximately WS275 on 2023 flats.

West of Suez, LRs have been notably muted this week with hardly any fixtures reported in the open market. TC16 has lost an incremental 7.87 points to WS253.63 and TC15 dropped $41,000 holding in the mid $4,900,000s.

The UK-Continent MRs have had just enough activity to keep the rates stable. TC2 held at a WS point or two below WS200 and TC19 hovered around the WS215-217.5 region.

The Handymax market in the Mediterranean has been in freefall this week, very little enquiry has led the TC6 index to fall by 57.82 points to WS234.06. Up on the UK-Continent TC23 remains steady at WS250 at the time of writing.  

The US Gulf MR markets has suffered the hardest this week, A widely reported USG/Caribs fixture at £550,000 has led the TC21 index down to that level. TC14 has also lost 12.5 WS points to end up at WS112.33 and TC18 came down to WS186.67 (-18.66).

The MR Atlantic Triangulation Basket TCE lost $962 from $29,257 to $28,295. 

VLCC

The VLCC market has been on a downward trend this week and 270,000mt Middle East Gulf to China has fallen three points to WS53.27, which translates into a round voyage TCE of $31,800 basis the Baltic Exchange’s vessel description. The 280,000mt Middle East Gulf to US Gulf (via the cape/cape routing) trip is assessed at WS39.67, a drop of two points this week. In the Atlantic region, the rate for 260,000mt West Africa/China is rated three points lower at WS54.59 (a round-trip TCE of about $33,700 per day) and 270,000mt US Gulf/China fell $315,625 to around the $8.43 million level ($35,400 per day round trip TCE).  

Suezmax

The Suezmax market fell in all regions this week. Rates for 135,000mt CPC/Augusta fell 15 points to WS173.44  (a round-trip TCE of $94,300 per day), even though Suezmaxes are being utilized on a part cargo basis for Aframax cargoes. For the 130,000mt Nigeria/Rotterdam voyage, rates also plunged 15 points to WS93.5 (a daily round-trip TCE of about $35,000). The 140,000mt Basrah/Lavera market eased about 5.5 points to WS68.5. 

Aframax

In the North Sea market, rates for the 80,000mt Hound Point/Wilhelmshaven route have remained flat this week around the WS170 mark (a round-trip daily TCE of $68,000).  In the Mediterranean markets, the rate for 80,000mt Ceyhan/Lavera has risen 13 points since the New Year to WS173 (a daily round-trip TCE of $57,100). The Stateside Aframax market has tumbled again after the Festive season and the rate for 70,000mt East Coast Mexico/US Gulf is 54 points lower than at the start of the week at WS143 (about $32,200 per day round-trip TCE), while rates for the 70,000mt Covenas/US Gulf trip collapsed 46 points to just below WS132 (a daily round-trip TCE of $25,900).  For the longer-haul 70,000mt US Gulf/Rotterdam voyage, rates have fallen almost 20 points this year to WS176 (showing a round-trip TCE of close to $45,300 per day).

 

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Source: Baltic Exchange

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