The Baltic Briefing has issued the tanker report for the 43rd week of this year. The report dated 23rd October 2020 provides a valuable insight into this week’s tanker market dealings, freight rates, and charter activities.
Rates were flat this week on most of the routes in this sector.
- 280,000mt to USG via the Cape/Cape routing remains assessed at a shade above WS17.
- 270,000mt to China remains steadfast at around WS29 level.
- In the Atlantic, rates for 260,000mt West Africa to China remain unchanged at WS30.
- 270,000mt USG to China rates dipped $150k to be assessed at a shade above $4.6m, having seen a fixture fall through from Bahamas to Ningbo at $4.65m.
- Rates for 135,000mt Black Sea/Med recovered two points to WS44.
- Rates for 130,000mt Nigeria/UKContinent remain around the WS30 mark.
- In the Middle East market, rates for 140,000mt Basrah/Med are up a point or two to WS14.
- The 80,000mt Ceyhan/Med market improved 2.5-3 points this week to WS60-61 level.
- In Northern Europe rates remained flat with 80,000mt Cross-North Sea WS72.5-75 region and 100,000mt Baltic/UKC at WS44.
- Across the Atlantic, for the third week sentiment remained weak and rates for 70,000mt Carib/USGulf remain pegged at WS45.
- 70,000mt USG/UKC saw continued fixing activity firming rates by 2.5 points to around WS45.
It has been another unproductive week for owners with the market in the 75,000mt Middle East Gulf/Japan remaining under pressure. Rates have eased from high WS60s to sit now at close to WS60.
The LR1 trade where a lengthy tonnage list interspersed with tonnage also over 15 years old. Owners concede around three points with levels now hovering around mid WS60s.
For owners plying the 37,000mt UKC/USAC trade, it has been another difficult week with rates unable to gain any traction and the market still sits at around WS75.
There is also a sense of déjà vu in the backhaul trade for 38,000ms from US Gulf to UK Continent, with rates flat at WS55.
Brazil discharge was even fixed at WS75 – down 2.5 points on the week. The clean market cross Med was unchanged at WS70.
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Source: Baltic Exchange