VLCCs: Positive Week on All Routes

Clean
 

The Middle East Gulf has been stable by comparison to recent weeks. TC1 (75kt MEG/Japan) dipped an incremental 5.62 points to WS187.19, with a trip west on TC20 shaving away $107,000 to $4,557,000 ($4,600,000 is currently reports on subjects). LR1s have fallen a little harder than their larger counterparts. TC5 came off 28.43 points to WS180.71 and a voyage west on TC8 lost $117,000 to $3,708,000 per day. TCE round trips at these levels are still returning low $40,000 per day on LR2s and high $30,000 per day on LR1s.

MEG MRs have taken some heavy blows again this week with freight being retested down consistently across the week. This has led the TC17 index down 119.43 points to WS198.57.
 

West of Suez LRs have also been sedate this week. TC16 is currently pegged at WS173.21, down 21.79 points, and TC15 lost $116,000 to $3,991,000.
 

UK-Continent MRs have been a little quieter this week, possibly due to International Energy Week in London monopolising people’s attention. TC2 and TC19 have come down to WS155 and WS165 respectively where they look to have reached a plateau for the moment.
 

On the Handymax front, TC6 has suffered from limited enquiry and the index has dipped 47.5 points to WS184.38. Similarly, on the UK-Continent, TC23 has shed 71.25 points to WS180.63.
 

The US Gulf MR Market continued to demonstrate the volatile nature it has been displaying of late. TC14 rose to WS190 midweek from WS133 only to return back to WS167.5 48 hours later. TC18 has similarly peaked at WS290 (up from WS213) and is now currently pegged at WS267.5. On a run to the Caribbean, TC21 shot up from $720,000 to $1,225,000 midweek to then resettle back to $966,667.
 

VLCC
 

The VLCC market had a positive week with rates (and earnings) improving on all routes. For the 270,000mt Middle East Gulf to China voyage the rate recovered by 3.5 points since last Friday to W70.23, which shows a daily round voyage TCE of $54,600 basis the Baltic Exchange’s vessel description. The rate for 280,000mt Middle East Gulf to US Gulf (via the cape/cape routing) is assessed 1.5 points higher at WS42.
 

In the Atlantic market, the rate for 260,000mt West Africa/China gained three points to about WS70.5, showing a round-trip TCE of $53,700 per day. The rate for 270,000mt US Gulf/China continued ascending and added a further $572,000 to almost $10.13 million ($49,000 per day round-trip TCE).
 

Suezmax
 

The rate for 135,000mt CPC/Augusta gained 2.5 points to WS170 (a round-trip TCE of $89,100 per day). In West Africa, the rate for the 130,000mt Nigeria/Rotterdam voyage continued climbing and improved another seven points to end up on Thursday at a little over WS143.5 (a daily round-trip TCE of $66,100). In the Middle East, the rate for 140,000mt Basrah/Lavera is up 3.5 points to almost WS66 with available suitable tonnage remaining elusive.

Aframax
 

In the North Sea market, rates for the 80,000mt Hound Point/Wilhelmshaven route increased by 26 points to WS180 (a round-trip daily TCE of about $75,100). In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera recovered by eight points to between WS180-182.5 (a daily round-trip TCE of $59,000). Across the Atlantic, the Stateside Aframax market continued to be propelled upwards. The rate for 70,000mt East Coast Mexico/US Gulf rocketed 118 points to WS405 ($153,300 per day round-trip TCE) and the rate for 70,000mt Covenas/US Gulf jumped up 105 points to WS377 (a daily round-trip TCE of $129,400). For the Transatlantic route of 70,000mt US Gulf/Rotterdam, rates increased by 13 points to WS278 (showing a round-trip TCE of $83,500 per day) which may encourage some owners to ballast from Europe.

Source: The Baltic Exchange

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