Baltic Exchange has issued the tanker report for the 23rd week of this year. The report of 09th June 2023 provides valuable insight into this week’s tanker market dealings, freight rates, and charter activities.
Clean
LR2
MEG LR2’s have been subject to bearish sentiment over the last seven days. Freight levels have dwindled as result, TC1 has taken a 29.55 point tumble to WS114.38 and TC20 shed another $684,000 to $3,157,000.
West of Suez, Mediterranean/East LR2’s have also dipped. TC15 is currently pegged at $2,729,000, an almost 10% drop and taking the Baltic round trip TCE to just $1,600/day.
LR1
In the MEG, LR1’s have also been lacklustre from depleted enquiry. TC5 came off 17.26 points to WS128.57 and on a trip west on TC8 fell from $2,999,000 to $2,575,000. On the UK-Continent, TC16 dipped to WS127.5 mid-week following that number reported on subjects a couple of times but the soft sentiment has led the index down to WS125 at time of writing.
MR
MEG MRs have been recorrected again this week. Subsequently, the TC17 index has dropped from WS260.71 to WS236.43 despite UK-Continent MR’s supply heavily outweighing demand this week. The TC2 index came off 17.26 points to WS177.78 and likewise TC19 sunk to WS187.14 (-24.29)
USG MRs saw a mini mid-week hop up, only to then return back down. TC14 peaked at WS126.25 (up from WS120) to then resettle at WS117.5. TC18 topped out at WS187.5 up from WS180 to return back down to WS175 and TC21 similarly maxed out at $714,000 to then go back down to its beginning of the week seat at $658,000.
The MR Atlantic Triangulation Basket TCE dropped from $31,517 to $27,155.
Handymax
Mediterranean Handymax’s once again continued to hold at the WS135 mark for the third week in a row. Up on the UK-Continent, TC23 also remained stable in the mid-WS130’s.
VLCC
A busier week and owners have managed to turn rates around, albeit slightly. The rate for 270,000 mt Middle East Gulf to China has improved by about 2.5 points to WS48.36 (a round trip TCE of $24,978 per day basis the Baltic Exchange’s vessel description), while the 280,000mt Middle East Gulf to US Gulf trip (via the cape/cape routing) the rate is now assessed almost one point higher at WS32.78.
In the Atlantic market, the rate for 260,000mt West Africa/China climbed almost 2.5 points to WS50.53 (which shows a round voyage TCE of $28,730 per day). The rate for 270,000mt US Gulf/China is now assessed $66,667 higher than a week ago at $7,977,778 ($31,919 per day round trip TCE).
Suezmax
Rates for Suezmaxes have fallen across the board. For the 135,000mt CPC/Med route, the rate has fallen by nine points to WS110.28 (a round trip TCE of j$42,400 per day) while a similar loss was felt for the 130,000mt Nigeria/Rotterdam trip, to WS90.5 (a round trip TCE of $32,500 per day). In the Middle East, the rate for 140,000mt Basrah/Lavera eased five points to WS60.16.
Aframax
In the North Sea, the rate for the 80,000mt Hound Point/Wilhelmshaven slipped five points to a fraction over the WS140 level (showing a round-trip daily TCE of $46,400).
In the Mediterranean, rates tumbled with the 80,000mt Ceyhan/Lavera route shedding 21 points to WS149.5 (a daily round trip TCE of about $42,900).
Across the Atlantic, the Stateside Aframax market has awoken once again. The rate for 70,000mt East Coast Mexico/US Gulf rose over 37.5 points to WS177, which shows a TCE of about $48,600/day round trip. For the 70,000mt Covenas/US Gulf trip, the rate increased by more than 25 points to WS165, representing a round trip TCE of $40,500 per day. For the trans-Atlantic route of 70,000mt US Gulf/Rotterdam, the rate is now nearly 34 points firmer than last Friday at WS177.5 (a round trip TCE of $45,600 per day).
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Source: Baltic Exchange
