Weekly Tanker Report – Week 10, 2020

By
Mfame Editor
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1107

The Baltic Briefing has issued the tanker report for the 10th week of this year. The report dated 06th March 2020 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.

VLCC

The Middle East market remained static over the course of the last week.

  • Rates for 270,000mt to China holding at WS 49. 280,000mt to the US Gulf, via Cape-to-Cape routing, remained at WS 30. 
  • In the Atlantic Basin a similar scenario was seen, with 260,000mt West Africa to China unmoved at WS 49. 
  • The market for 270,000mt US Gulf to China hovered again around the $6.5m level.

Suezmax

  • Rates for 135,000mt Black Sea to the Mediterranean have levelled at WS 85.
  • The 130,000mt West Africa to UK-Continent market fell by a couple of points to WS 75. 
  • In the Middle East arena, the 140,000mt Basrah to Mediterranean route saw a gain of five points to mid-30s. 
  • This was after initially dipping below WS 30 early on.

Aframax

  • Rates for 80,000mt, Ceyhan to the Mediterranean, got bumped up 15-17.5 points to break into the low WS 100s. 
  • Meanwhile in Northern Europe, 80,000mt cross-North Sea, lost seven points to low-mid WS 90s. 
  • 100,000mt Baltic to the UK-Continent shed five points to mid WS 70s. 
  • On the other side of the Atlantic, 70,000mt, Caribbean to the US Gulf, owners managed to claw back 7.5 to 8 points to WS 154 level. 
  • Rates for 70,000mt US Gulf to the Mediterranean are back up to low-to-mid WS 130s, recovering all the 17.5 points lost in the previous week.

Clean

Middle East Gulf to Japan trade 

A slow start to the week saw rates in the Middle East Gulf to Japan trade for 75,000mt ease modestly. However, a sudden turn around mid-week saw rates spike over 23 points. The market now sits at WS 125.  A similar scenario played out in the 55,000mt size, with rates gaining 25 points to WS 125 region.  

UK-Continent to US Atlantic Coast trade

In the 37,000mt UK-Continent to US Atlantic Coast trade, it was a steady week with rates hovering in the low-to-mid WS 180s. 

US Gulf to UK-Continent backhaul trade 

A solid performance in the 38,000mt backhaul trade from US Gulf to UK-Continent, saw rates gain around 7.5 points and are nudging mid WS 130s. The 30,000mt clean cross-Mediterranean market was steady at around WS 175.

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Source: Baltic Briefing