In the Middle East Gulf this week early activity saw rates begin to creep up. TC1 gained 26.87 points to WS196.25 and a trip west on TC20 hopped up over $500,000 to end up at $4,283,333 by the end of the week. The LR1s have similarly show a bit of momentum; TC5 has gained 20 points to WS191.43 and a voyage to the west crept up from $3,000,000 to around $3,200,000.
AG MRs have perked up considerably this week as well with TC17 climbing up to WS367.08 (+61.66).
West of Suez, LRs have been somewhat lacklustre this week. Despite this, TC15 has optimistically gained just under $100,000 to settle at $3,766,667. TC16 has been the personification of stability this week remaining at WS230 throughout.
On the UK-Continent, MRs have picked up this week fueled by activity from North west Europe and the Baltic. TC2 has risen 21.67 points to WS270 and similarly TC19 was propelled up to WS280.71 (+24.28).
In the US Gulf early activity looked to be generating the same reaction we’ve seen recently in the region with high volatility. The market then appeared to temporize and reassess what will happen next. TC14 picked back up from WS176 to WS206 only to then dip back down to WS201 by the end of the week. Likewise, TC18 jumped from WS270 of WS305 and then returned to WS300.
The MR Atlantic Triangulation Basket TCE gained $5495 from $29,722 to $35,667.
On the Handymax, in the Mediterranean after a positive start on TC6 – and the index rising over 16 points – the market has levelled off at WS335 for the moment. In the Baltic TC9 has been stable around the WS382.5 level all week.
VLCC
VLCC rates have recovered once again over the last week, with the return of the Far Eastern market players. For the 270,000mt Middle East Gulf/China voyage rates rose six points to around the WS87.5 mark (a round trip TCE of about $47,800 per day). The rate for 280,000mt Middle East Gulf/USG (via Cape of Good Hope) gained two points to just above WS48.5.
In the Atlantic, rates for 260,000mt West Africa/China improved by three points to almost WS87 ($48,200 per day round-trip TCE). For the 270,000mt US Gulf/China market rates pushed up another $325,000 to a little above $10,250,000 (showing a round-trip TCE of $42,200 per day).
Suezmax
Rates for 135,000mt Black Sea/Augusta also recovered, gaining 10 points to WS185 (a round-trip TCE of $76,700 per day) with Shell reported to have a Greek-managed vessel on subjects at this level from CPC Terminal at this level. For the 130,000mt Nigeria/UKC trip rates returned to the highest level since the second half of April 2022, lifted by almost 22 points to WS146 (a round-trip TCE of $45,300 per day). In the Middle East the rate for 140,000mt Basrah/West Mediterranean is assessed a couple of points up at round the WS65-W66 level.
Aframax
Rates in the Mediterranean market continued on an upward trajectory, albeit a modest one this week, with the rate for 80,000mt Ceyhan/West Mediterranean improving a further three points to almost WS225 (a round-trip TCE of nearly $62,000 per day). In Northern Europe, rates are slightly firmer with 80,000mt Hound Point/UK Continent now assessed four points higher week-on-week at a touch over WS204 (a daily round trip TCE of $65,100 per day). For the 100,000mt Primorsk/UK Cont route the rate is assessed about a point higher than last week at WS224 (a round-trip TCE of $71,660 per day, in line with last Friday).
Across the Atlantic, the market made steady gains this week with the rate for 70,000mt EC Mexico/US Gulf pushing up 14 points to between WS212.5-215 (a round-trip TCE of $38,000 per day) while the rate for the 70,000mt Caribbean/US Gulf improved by 17 points to just over WS207.5 (a daily round-trip TCE of $34,700). For the Transatlantic route of 70,000mt US Gulf/UK Continent, the rate has climbed 13 points to WS220 (showing almost $40,300 per day round-tip TCE).
