Weekly Tanker Report – Week 14, 2022


The Baltic Briefing has issued the tanker report for the 14th week of this year. The report dated 08th April 2022 provides valuable insight into this week’s tanker market dealings, freight rates, and charter activities.


Middle East Gulf LRs

The Middle East Gulf LRs have been subject to lesser demand again this week. The LR2s of TC1 75k Middle East Gulf / Japan have dropped again and are currently pegged at WS130. The LR1s also dropped, TC5 55k Middle East Gulf / Japan is currently heading towards WS150 and a trip west (TC8) also down to the $2.5m – $2.6m level.

Middle East Gulf / East Africa

The MRs of TC17 35kt Middle East Gulf / East Africa have been active and freight has hopped up 21.9 points to WS304.17 for the moment.

West of Suez

West of Suez, on the LR2s, TC15 80k Mediterranean / Japan has been retested down again this week and a widely reported fixture at $2.5m looks to have led the index down to this level. The LR1s of TC16 60k Amsterdam / Offshore Lomé, have rebounded and hit WS140 this week.

The UK-Continent

On the UK-Continent, MRs have been stable and TC2 has been hovering around the high 180s and low 190s. TC19, however, jumped around 20 points to W220 seeing a clear premium to end a voyage in West Africa over the US Gulf.

The US Gulf MR

The US Gulf MR market has been the headline this week with both indices reaching new historic highs from cargo exports flooding the market with tonnage requirements.

US Gulf / UK-Continent

The result, TC14 38k US Gulf / UK-Continent spiked to WS436.43 (+206.79) a round-trip TCE of $53,107 /day. TC18 the MR US Gulf / Brazil trip also took a massive jump to WS497.86 (+220) a round-trip TCE of $63,328 /day.


A continuation of an improving market this week and even timecharter equivalents turned positive for the first time in a long time.

Middle East Gulf/USG

For 280,000mt Middle East Gulf/USG (via Cape of Good Hope) the rate has gone up 10 points to WS32.25.

Middle East Gulf/China

On the 270,000mt Middle East Gulf/China route rates climbed 9.5 points to close to WS53.5 (a round trip TCE of $3,600 per day). There were a handful of fixtures on this route during the week, each one progressively higher than the last done as the draw of tonnage came from the Atlantic region.

The Atlantic region

In the Atlantic region the 260,000mt West Africa/China route became busier than in recent weeks and the rate rose 15.5 points to the WS61-61.5 level ($12,804 per day round-trip TCE).

US Gulf/China market

In the 270,000mt US Gulf/China market, rates have been driven up just over $2m to be last assessed at $7,668,750 (a round-voyage TCE of $12,700 per day) with VLCCs able to capitalise on a booming Suezmax and Aframax market.

Baltic / UK Continent

TC9 30kt Baltic / UK Continent remained settled for the week, pegged at WS350 and only a handful of deals reported in the market.

The Mediterranean

In the Mediterranean TC6 30kt Skikda / Lavera saw a tightening in tonnage at the end of the week and a subsequent uptick to around the WS207.5 level.


Novorossiysk/Augusta route

Rates for the 135,000mt Novorossiysk/Augusta route recovered dramatically as the rate rocketed 121 points from a week ago to WS305 (a round-trip TCE of $154,600 per day).

Nigeria/UKC market

In the 130,000mt Nigeria/UKC market shipowners again managed to push rates up a further 45 points to a fraction below WS187.5 (a round-trip TCE of $58,600 per day) on the back of further increased demand of tonnage in West Africa, South America and the US Gulf combined with the lack of tonnage ballasting from the East.

Basrah/West Mediterranean

For the 140,000mt Basrah/West Mediterranean route the rates have improved 17 points to WS72.


Ceyhan/Mediterranean market

The 80,000mt Ceyhan/Mediterranean market rose rapidly this week, pushing through the WS200 mark to end up 87 points higher overall at WS242 (a round-trip TCE of $61,900 per day).

Hound Point/UK Continent

In Northern Europe the rate for 80,000mt Hound Point/UK Continent rose another 16.5 points to just below WS170 (a round-trip TCE of $34,400 per day).

Primorsk/UK Continent market

In the 100,000mt Primorsk/UK Continent market, the continuing war in Ukraine and subsequent self-imposed European sanctions on Russian crude make finding Aframax owners willing to perform this voyage a difficult task.

Much of the Russian crude exports are being sent further afield to places such as India and China.

As a result, those owners willing to rate Europe discharge are able to command a hefty premium. The latest assessment is 165 points higher than a week ago at WS665 (a round voyage TCE of $318,300 per day).

The Atlantic

Across the Atlantic, the continuing squeeze on Aframax tonnage has pushed rates up. For the shorter-haul 70,000mt EC Mexico/US Gulf route rates went up a further 28 points to WS278 (a round-trip TCE of $58,500 per day) and for the 70,000mt Caribbean/US Gulf trip rates similarly rose 28 points to WS269 (a round-trip TCE of $49,700 per day).

US Gulf/UK Continent market

In the 70,000mt US Gulf/UK Continent market, rates moved up 16 points to WS235 ($37,700 per day round-tip TCE, which basis one-way economics gives a much higher figure).

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Source: Baltic Exchange


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