Weekly Tanker Report – Week 32,2023

182
Credit: Petrobras

LR2

LR2’s in the MEG have suffered from dwindling activity this week and coupled with a short week in Singapore freight levels have come off. TC1 is currently sitting at WS122.22 (-28.06) with WS120 widely reported on subjects. For a run to the UK-Continent the TC20 index has also dipped $393,000 to $3,575,000.

West of Suez, Mediterranean/East LR2’s went dormant again this week and TC15 index shed $208,000 to $2,891,667.

 LR1

In the MEG, LR1’s took a major correction this week. The TC5 index dropped 27.81 points to WS145 and similarly for a trip to the UK-Continent, TC8, came down $307,000 to $2,964,000.

On the UK-Continent, TC16 remained level all week in the WS125-WS130 range.

 MR

MEG MR’s were subject to downward pressure this week again and as a result the TC17 index haemorrhaged 25 points to WS217.86.

UK-Continent MR’s were driven firmly upwards this week with tonnage scarcer that previous weeks and demand plentiful. TC2 shot up 18 points to WS178.25 and naturally TC19 also went from WS170.31 to WS188.44.

USG MR’s saw a recharge in freight levels this week after steady enquiry and vessel availability hindered by, amongst other items, Panama Canal delays. TC14 added 5.83 points to WSWS140.83 and TC18 likewise climbed 6.66 points to WS210.83. Meanwhile a run to the Caribbean on TC21 went from $825,000 to $845,833.

The MR Atlantic Triangulation Basket TCE climbed from $25,129 to $28,148.

 Handymax

In the Mediterranean, Handymax’s lacked enquiry this week and the TC6 lost 7.78 points to WS136.94

Up on the UK-Continent, Handymax’s continued firming albeit modestly and TC23 hopped up from WS178.33 to WS185.56

 VLCC

The market in the Middle East slipped a little again this week. Owners are seemingly keener on the shorter voyages while rates remain under pressure as tonnage builds up. The rate for 270,000 mt Middle East Gulf to China eased one point to WS47.29 corresponding to a daily round-trip TCE of $19,431 based on the Baltic Exchange’s vessel description, $2,300 per day lower than last Friday. The 280,000 mt Middle East Gulf to US Gulf trip (via the cape/cape routing) remained around WS30.

For the Atlantic market, the 260,000 mt West Africa/China rate was steady at the WS53 mark (which shows a round voyage TCE of $28,200/day). The rate for 270,000 mt US Gulf/China was reduced by only $27,778 to $8,250,000 (about $30,400/day round trip TCE).

 Suezmax

Suezmaxes in West Africa have not fared very well again this week, but it would appear the floor has been reached with rates sideways at the latter part of the week. For 130,000 mt Nigeria/Rotterdam the rate has come off two points week-on-week and are now plateauing at the WS65 level (a daily round-trip TCE of $10,975). In the Mediterranean and Black Sea region the tonnage list is building and the few cargoes available this week received much interest. For the 135,000 mt CPC/Med route rates have fallen two points to round the week out at fractionally below WS75 (showing a daily TCE of about $9,500 round-trip). In the Middle East, the rate for 140,000 mt Basrah/Lavera recovered 7.5 points week-on-week to WS67.83.

 Aframax

In the North Sea, the rate for the 80,000 mt Hound Point/Wilhelmshaven rote has gained a meagre one point to WS97.14 (showing a round-trip daily TCE of $1,800, still $300/day less than last Friday). In the Mediterranean market the rates struck bottom and owners collectively pushed, and got, increased fixing levels. The rate for 80,000 mt Ceyhan/Lavera gained 9.5 points to WS98 (a daily round trip TCE of $10,700).

Across the Atlantic, in the Stateside Aframax market, rates for the shorter voyages have ceased to decline. For the 70,000 mt East Coast Mexico/US Gulf route, the rate modestly rose 1.5 points to WS105 (which shows a TCE of $7,631/day round trip, in line with last Friday’s value) and for 70,000 mt Covenas/US Gulf the rate has stabilized at WS97.5 (a round-trip TCE of $7,420/day, about $600/day less than a week ago). The rate for the trans-Atlantic route of 70,000 mt US Gulf/Rotterdam, however, has been reduced by five points to WS114.06 (a round trip TCE of $16,737 per day).

Did you subscribe to our daily newsletter?

It’s Free! Click here to Subscribe

Source : balticexchange