Clean
LR2
LR’s in the MEG have not had an easy week with plenty of available tonnage. The 75kt MEG/Japan TC1 index bubbled around the WS95 level. The 90kt MEG/UK-Continent TC20 run to the UK-Continent did, however, suffer after several fixtures reported mid-week at around the $2.85m level have driven the index down the $2.91m (-$550,000).
West of Suez, Mediterranean/East LR2’s on TC15 came down another $166,666 to $2.67m.
LR1
In the MEG, LR1 freight was a mixed bag this week. The 55kt MEG/Japan index of TC5 ticked up from WS103.75 to WS106.25 after a couple of fixtures reported later in the week. The 65kt MEG/UK-Continent of TC8 was a different story, and currently pegged at $2.52m (-$314,600).
On the UK-Continent, the 60kt ARA/West Africa TC16 index remained stable at WS112-113 all week.
MR
MR’s in the MEG were flat this week. The 35kt MEG/East Africa TC17 index ultimately dipped a modest 2.86 points to WS167.14.
UK-Continent MR’s showed a late week flutter of improvement. The 37kt ARA/US-Atlantic coast of TC2 came up 5 points to WS90.31. Similarly, TC19 (37kt ARA/West Africa) bottomed out at WS121.88 mid-week and is back up at WS126.25 at present.
The USG MR’s showed an inkling of the volatility they’ve become known for again this week. TC14 (38kt US-Gulf/UK-Continent) sunk to WS137.14 from WS162.5 only to then return to WS146.79 across the last 5 working days. The 38kt US Gulf/Brazil on TC18 mirrored TC14 bottoming out at WS185.71 from WS210.36 and is currently WS196.43. The 38kt US-Gulf/Caribbean TC21 trip pumped is currently marked at $464,286 down from $605,000 with a stop at $400,000 mid-week.
Handymax
In the Mediterranean, Handymax’s went sub WS100 this week -6.39 to WS95.83 taking the Baltic TCE for the trip into the negative.
Up in North West Europe, the TC23 30kt Cross UK-Continent regained a little to WS120.28 (+3.61).
VLCC
The VLCC market rebounded this week. The 270,000 mt Middle East Gulf to China trip (TD3C) recovered 5 points to WS54.10 which gives a daily round-trip TCE of $32,383 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) has improved by 3.5 points to WS55.72 (corresponding to a round voyage TCE of $34,637 per day), while the rate for 270,000 mt US Gulf/China (TD22) dropped by another $237,500 to $7,300,000 (a daily round trip TCE of $33,599).
Suezmax
Owners have been under pressure again this week with all the Baltic Exchange Suezmax routes losing ground. In West Africa, the 130,000 mt Nigeria/UK Continent voyage (TD20) fell by another 8 points to WS75.67, meaning a daily round-trip TCE of $24,416. The TD27 route (Guyana to UK Continent basis 130,000 mt) went a bit further, dropping 12 points to WS72.22 which translates into a daily round trip TCE of $21,983 basis discharge in Rotterdam. For the TD6 route of 135,000 mt CPC/Med, yet another 6 points were pulled from owners with the route now assessed at WS90.48 (showing a daily TCE of $26,626 round-trip). In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) lost a point to WS91.22.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) fell about 4 points to WS121.25 (giving a daily round-trip TCE of $25,204 basis Hound Point to Wilhelmshaven).
In the Mediterranean market, the rate for 80,000 mt Cross-Mediterranean (TD19) eased 3 points to WS118.31 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $24,387).
Across the Atlantic, again the market spent the week in the doldrums, although there is a little bit of positivity expected over the next few days with tightening positions and available cargoes. Rates for the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) fell 21-22 points each to the WS95-97.5 level, showing a daily round-trip TCE of about $10,300 and $10,600, respectively. The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) lost 17 points to WS111.11 (a round trip TCE basis Houston/Rotterdam of $19,537 per day).
Source: Baltic Exchange
