The Baltic Briefing has issued the tanker report for the 26th week of this year. The report dated 26th June 2020 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.
This sector had a dry week with Charterers firmly in the driving seat.
Middle East to China
Rates tumbled in the Middle East with 270,000mt to China at WS36.5 region, down 19 points week-on-week.
Middle East to US Gulf
The 280,000mt to US Gulf via the Cape/Cape routing is assessed eight points lower at WS23.5.
West Africa to China
In the Atlantic it was similar with 260,000mt West Africa to China shedding 17.5 points to WS38 level.
USG to China
Meanwhile, 270,000mt USG to China was rated at $6.1m – which is just over $1m less than a week ago.
Rates seem to have finally found the baseline this week.
Middle East Gulf to Med
135,000mt Black Sea/Med settling at WS48.75 – 1.5 points lower than last week – as 140,000mt Middle East Gulf to Med has remained flat at WS21.5 level.
West Africa to UKCont trade
In the 130,000mt west Africa to UKCont trade, rates collapsed about 10 points to mid-high WS30s early in the week. However, the market resurged to mid WS40s level on Thursday.
- In the Mediterranean market, rates for 80,000mt Ceyhan/Med have stumbled again and lost 2.5 points to WS57.
- In Northern Europe, rates for 80,000mt Hound Point/UKCont gained a couple of points to WS75 level.
- The 100,000mt Baltic/UKCont rates saw the same improvement to the WS45 region.
- Across the Atlantic, rates for 70,000mt Carib/USGulf fell five points to WS65, while the 70,000mt USGulf/UKCont market remained static around the WS67.5-70 mark.
In the Middle East Gulf owners were not able to gain any traction with rates for 75,000mt to Japan. This ended up easing from mid WS80s to low WS80s.
55,000mt trade to Japan
Activity in the 55,000mt trade to Japan stalled and rates were steady throughout the week at around WS 80 level.
37,000mt UKC to USAC trade
For owners plying the 37,000mt UKC to USAC trade, rates remained under pressure and the market eased five points to WS 80.
Backhaul business from the US Gulf
Tonnage is now tighter and brokers feel there is potential for a modest improvement here.
For owners looking for backhaul business from the US Gulf, rates for 38,000mt to UKC initially dipped down to mid /high WS50s before nudging back to low WS60s.
Clean cross-Med trade
The 30,000mt clean cross-Med trade saw more enquiries with rates hovering between the high WS90s and very low WS100S. A replacement cargo from El Dekheila did pay a premium of WS 142.5. However, it was generally a week of struggle for owners and the market has now edged up to around WS105 region.
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