The Baltic Briefing has issued the tanker report for the 25th week of this year. The report dated 21st June 2019 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.
VLCC
- Since last week’s attacks in the Gulf of Oman political tensions remained high, leading owners and charterers trying to determine practical ways to continue fixing in the Middle East Gulf.
- After a slow start, deals started emerging. Rates shifted dramatically upwards, with 270,000mt MEG/China now at W51.5/52 level up about W12 points, with 280,000mt to US Gulf basis Cape/Cape assessed W4 points higher at W22-23 region.
- West Africa/China increased around W10 points to W50/51 for 260,000mt, while 270,000mt USG/China is now rated at $5.8-5.9m, up to $800-900k for the week.
Suezmax
- West Africa Suezmax rates for 130,000mt to UKC came under heavy pressure this week, losing W10 points to W70.
- While 135,000mt Black Sea/Med dropped W5 points to settle at W90.
- Owing to the Middle East tensions, 140,000mt Basrah/Med voyage rates shot up during the week to W55-57.5 region, before easing to W47.5 which still represents a rise of 12.5 points week-on-week.
Aframax
- 80,000mt Ceyhan/Med is now around W85, down W5 while 80,000mt Cross-North Sea eased W5 points to W87.5, and 100,000mt Baltic/UKC at low/mid W60s.
- Again, due to tension in the Middle East, rates there pushed up and 80,000mt AG/Singapore is now assessed at W120/122.5 level, up 12.5-15 points for the week.
Clean
- MEG clean tonnage failed to apply the pressure felt on crude with rates climbing marginally over the week; 75,000mt MEG/Japan sits at W102.5/105 level, up W2.5 points, and 55,000mt AG/Japan was flat at W112.5/115 level.
- The best-performing markets this week were in the Atlantic, with 37,000mt Cont/USAC recovering to W115-117.5 level, up about W15 points, whilst 38,000mt USG/UKC fixed at W100, up W20 points.
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Source: BalticBriefing
