Weekly Tanker Report – Week 33, 2022

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Baltic Exchange has issued the tanker report for the 33rd week of this year. The report of 19th August 2022 provides valuable insight into this week’s tanker market dealings, freight rates, and charter activities.

Clean

The Middle East Gulf has remained relatively stable this week. TC1 has been trading sideways at the WS215 level with the round-trip TCE tipping over the $40,000 /day mark. TC20, 90kt AG/UK-Continent, begun to show signs of improvement at the back end of the week with the index rising $12,500 to $4.129m with reports of ship supply tightening.  On the LR1s TC5 has floated around the mid WS260s all week and a trip west (TC8) has also held at the $3.7m – $3.75m mark.

The MRs have seen a significant improvement this week leading the TC17 index to have risen 45.84 points to WS339.17 by the end of the week. West of Suez the LR2s have suffered from a week of inactivity, TC15 has reached $3.69m (-$33,333) and remains to be tested properly at time of writing. On the LR1s TC16 has been flat at WS230 all week.

On the UK-Continent steady activity on the MRs has been outweighed by tonnage availability and subsequently rates have taken a downturn this week. TC2 has lost 78.89 points to WS248.33 and TC19 has similarly come down to WS254.29 (-WS81.42).

In the US Gulf the MRs have been tested down again this week. TC14 has dipped 32.5 points to settle at WS150.83 and TC18 has shed another 62.5 points ending up at WS220.83. After a sharp drop to these levels early in the week its looks as though this may be the floor for the moment. 

The MR Atlantic Triangulation Basket TCE lost $13,031 from $38,060 to $25,029.

The Mediterranean Handymax market suffered from limited enquiry and ample vessels available this week. The TC6 Index has subsequently lost 54.38 points to end up at WS292.5. In the Baltic TC9 has continued along at WS500.

VLCC

VLCC rates were elevated this week across all regions as the markets resurged from a quiet end to last week. Increased Atlantic activity leading to improving rates meant the Middle East Gulf market had to compete. For 270,000mt Middle East Gulf/China, the rate rose from low WS60s early in the week, through WS70 midweek and has now settled around the WS80 mark (a round-trip TCE of $40,800 per day), while the rate for 280,000mt Middle East Gulf/USG (via Cape of Good Hope) climbed 9 points to WS46. In the Atlantic, rates for 260,000mt West Africa/China jumped 21 points to WS83 ($44,200 per day round-trip TCE) and 270,000mt US Gulf/China shot up $1.4 million to $9.0375 million (showing a round trip TCE of $31,900 per day). 

Suezmax

Rates for 135,000mt Black Sea/Augusta stopped falling this week, and rose three points to WS172.5 (a round-trip TCE of $65,300 per day). The 130,000mt Nigeria/UKC trip rates leapt 12.5 points earlier in the week and have now settled at WS135 (a round-trip TCE of $36,800 per day). In the Middle East, the rate for 140,000mt Basrah/West Mediterranean recovered 4.5 points to just over WS65.

Aframax

The Mediterranean market rates regained some of the ground recently lost. The rate for 80,000mt Ceyhan/West Mediterranean rose seven points to WS186 (a round-trip TCE of $42,300 per day). In Northern Europe the market eased off with the rate for 80,000mt Hound Point/UK Continent dropping 4.5 points to WS180 (a daily round trip TCE of $48,300) and for the 100,000mt Primorsk/UK Cont route rates slipped two points to WS222 (a round-trip TCE of $71,400 per day).

Across the Atlantic, the market has continued on an upward trend. The rate for 70,000mt EC Mexico/US Gulf rose another 17.5 points to between WS385-387.5 (a round-trip TCE of $103,500 per day) and for the 70,000mt Caribbean/US Gulf trip the rate shifted up four points to WS332.5 (whilst earnings remained the same at a round-trip TCE of about $76,200). For the transatlantic route of 70,000mt US Gulf/UK Continent, the rate rose two points to between WS262.5-265 ($52,000 per day round-tip TCE).

 

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Source: Baltic Exchange

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