Weekly Tanker Report – Week 35, 2022

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Baltic Exchange has issued the tanker report for the 35th week of this year. The report of 02nd September 2022 provides valuable insight into this week’s tanker market dealings, freight rates, and charter activities.

Clean

It’s been a bit of a mixed week for CPP vessels with the BCTI falling by -93 points to 1192. In the Middle East Gulf, LR2s of TC1, 75k Middle East Gulf / Japan managed to hold on to the gains of previous weeks finishing marginally up 2.5 points to WS74.88. LR1s also held their ground and TC5 55k Middle East Gulf / Japan climbed to WS305, up 5.71 points.

On MRs, TC17, 35kt Middle East Gulf / East Africa continued to strengthen this week with rates climbing 96.66 points to WS515.83 (A TCE of US$56,965 pd). West of Suez on the LR2s, TC15, the 80k Mediterranean / Japan run continued its strong climb from US$3.916m to increase by $300k and finishing the week at US$4.216m, resulting in a TCE of $18,890 /day.

The LR1s of TC16, 60k Amsterdam / Offshore Lomé, has increased by 8.57 points to WS237, a TCE of US$38,355. On the UK-Continent, MRs of TC2 and TC19 have both eased off with the gains from previous weeks being reversed as TC2 came off -16.11 points to finish at WS208.33. TC19 lost -13.11 to finish at WS218.93.

The USG MR market has seen steady increases with TC14, 38k US Gulf / UK-Continent up 3.33 points to WS147.5 and TC18, the MR US Gulf / Brazil trip, also gained 4.17 points to WS214.17.

The MR Atlantic basket TCE rose from $18,979/day to $19,330/day. TC9, 30kt Primorsk / Le Havre, saw a drop off in demand, falling -70.71 points from WS455 to WS384.29 at the end of the week, a TCE of US$39,041pd. In the Mediterranean TC6, 30kt Skikda / Lavera, also softened throughout the week losing -51.25 points to finish the week at WS163.13, a TCE of US$10,277.

VLCC

Across the VLCC market, rates softened. But from highs of WS80.18 for a VLCC Middle East Gulf/China, dropping to WS75.73 at weeks close (a round-trip TCE of $35,013 per day). A similar fall elsewhere in the East ate into earnings. But with 270,000mt Middle East Gulf to Singapore falling by WS4.77 to finish at WS77, a round-trip TCE of $38,421 per day is still respectable.

The Atlantic was not spared and rates fell as well. West Africa/China saw WS4.91 points off. In weaker markets there was a significant drop, but with WS75.86 published at the end of last week (a round-trip TCE of $36,468) there are still good earnings. USG/China remained relatively flat and lost some steam from a high of $8,900,000 to $8,775,000 (a TCE round trip of $29,907 per day).

Suezmax

A correction in the 135,000mt Black Sea/Augusta market was expected last week after the previous weeks rise. But a minor adjustment from WS197.78 to WS192.89 (a loss of only WS 4.89 points and a TCE per day round trip earning of $79,379) shows the market remains steady. The West African/Continent market saw a fall as well, from WS132.27 and finishing at WS128.41, but this was not as great a fall as the Middle East. Overall TCE earnings remained steady and actually finished up $37 per day at $32,770 per day round trip.

Middle East Gulf/Med has been flat with little movement on rates. As the week progressed there was a slight rise of WS1.44 to finish at WS64.63. This pushed TCE earnings positive again at a round trip per day of $998.

Aframax

A correction in the 80,000mt North Sea/Continent route saw rates lose over WS5 points settling at WS188.75 (a TCE round trip earning of $52,202). Despite the fall in the North Sea, the 100,000mt Baltic/UK-Cont market remained flat shaving just over half a WS point throughout the week ending at WS206.56 (a TCE round trip of $59,820 per day).

The biggest movers were by far in the Americas where 70,000mt USG/ARA lost over WS22 points. A big drop indeed, but even finishing at WS208.57 the TCE earnings on a round trip lost just shy of $5,500 per day. This makes it still a respectable $34,123. The Caribbean/USG market saw a bigger shift, shaving over WS40 points ending at WS240.31 at the tail end of last week. But the biggest loser by far was in the 70,000mt market ex-E.C Mexico where big movements down (a loss of WS60.31 points) were seen in the first part of last week. Things levelled out, closing at WS253.44 (a TCE round trip earning of $51,653 per day).

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Source: Baltic Exchange

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