Weekly Tanker Report – Week 12, 2020


The Baltic Briefing has issued the tanker report for the 12th week of this year. The report dated 20th March 2020 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.


After the Saudis lifted subjects on nearly all their VLCC in-charters last week, there seemed to be an activity vacuum, with only a few other fixtures being concluded, whilst charterers waited for the natural gravity effect of sentiment driven rises.

  • In the Middle East, rates for 280,000mt to the US Gulf via Cape to Cape routing, fell back to WS120 having reached just over WS200.
  • A 270,000mt to China is now worth WS130, down almost 100 points from its peak.
  • In West Africa the trip for 260,000mt to China rates have dropped 75 points week-on-week to WS120 level.
  • The market for 270,000mt US Gulf to China has settled back to $13.8 million, as no activity was seen and sentiment alone had pushed rates close to $20 million.


  • In the West Africa to UK-Continent market, owners continued to ride the metaphorical wave of the VLCCs, which turned ugly, and rates crashed 100 points down to WS120.
  • On the 135,000mt Black Sea to Mediterranean market, rates fell 50 points to WS150.
  • In the Arabian Gulf, rates also fell away on the 140,000mt Basrah to Mediterranean market, having risen to close to WS200, are last assessed at WS120.


  • Rates for 80,000mt Ceyhan to the Mediterranean climbed another 30+ points to WS177.5, while in Northern Europe, 80,000mt Cross-North Sea gained 60+ points to WS185 level.
  • The 100,000mt Baltic to UK-Continent shared the same uptick to WS155-157.5 region.
  • On the other side of the Atlantic, 70,000mt Caribbean to US Gulf saw a modest rise of 7.5 points to WS192.5-195 level.
  • Rates for 70,000mt US Gulf to the Mediterranean remained flat at WS172.5-175.


Another positive week for owners saw rates in the Middle East Gulf to Japan trade for 75,000mt gain 17 points to very high WS170s, though there now appears a marginally softer sentiment here.

  • The LR1s firmed 15 points to peak at around WS177.5/178 region, though here too, there is seen by brokers a potential slight weakening in the market.
  • In the 37,000mt UK-Continent to US Atlantic Coast trade, the start of the week saw a 12.5 point jump to low WS180s, with the market peaking at WS185. However, Exxon are said to have paid WS180 from Sines, and the market is now coming under downward pressure.
  • Rates in the 38,000mt backhaul trade from the US Gulf to the UK-Continent have been slipping all week against a build-up of early tonnage.
  • Consequently, the market now sits in the low WS120s, down from WS135 region earlier in the week, with potential to slide further.
  • The 30,000mt clean cross-Med market gained almost 12 points to about WS195 level.

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Source: Baltic Briefing


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