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Tankers: VLCC Market Rebounded This Week

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Clean

LR2

LR’s in the MEG have been subject to some further testing down this week. The 75Kt MEG/Japan TC1 index lost another 11.39 points to WS123.89 where it looks to have plateaued for the moment. The 90kt MEG/UK-Continent TC20 run to the UK-Continent also devalued to the tune of $306,000 to $3.44m.

West of Suez, Mediterranean/East LR2’s on TC15 revitalised this week from some activity in the market. The index hopped up from $3.22m to $3.57m.

LR1

In the MEG, LR1 freight levels dipped again this week in line with their larger siblings. The 55kt MEG/Japan index of TC5 dropped from WS140.31 to WS132.5 where it appears to have stabilised for now and the 65kt MEG/UK-Continent of TC8 is currently pegged at $2.96m.

On the UK-Continent, the 60Kt ARA/West Africa TC16 index, pushed up and optimistic 15.31 points this week to WS187.81. This took Baltic TCE for the run up over the $40,000/day round trip.

MR

MR’s in the MEG had a small resurgence this week. The 35kt MEG/East Africa TC17 index, climbed just under seven points to WS209.29.

UK-Continent MR’s continued on their downward trend this week. The 37kt ARA/US-Atlantic coast of TC2 dropped too WS186.5 from WS200. Similarly TC19 (37kt ARA/West Africa) lost 9.88 points to be currently marked at WS200.75.

The USG MR’s powered on upwards this week, driven by consistently high demand. TC14 (38kt US-Gulf/UK-Continent) jumped up another 66.79 points to WS211.43 seeing the Baltic TCE for the run nearly double to $28,000/day round trip. The 38kt US Gulf/Brazil on TC18 added 27% to its value from last week with it currently at WS301.43 and a 38kt US-Gulf/Caribbean TC21 trip pumped up another 39% this week to $1.44m.

The MR Atlantic Triangulation Basket TCE climbed for the fourth week from $34,227 to $44,856.

Handymax

In the Mediterranean, Handymax’s had another upturn this week reflected in the TC6 index hopping up 41.67 points to WS266.67.

In Northwest Europe, the TC23 30kt Cross UK-Continent remained settled in the mid WS160’s.

VLCC

The market rebounded this week after the return to so-called ‘normal’ post-Bahri Week. The rate for 270,000 mt Middle East Gulf to China rose seven points to WS74.04, which corresponds to a daily round-trip TCE of $54,787 basis the Baltic Exchange’s vessel description. The 280,000 mt Middle East Gulf to US Gulf trip (via the cape/cape routing) is now assessed two points higher at WS38.25.

In the Atlantic market, the rate for 260,000 mt West Africa/China climbed a little over five points to WS72.10 (which shows a round voyage TCE of $52,249/day), while the rate for 270,000 mt US Gulf/China is $172,222 stronger than a week ago, at $10,177,778 ($45,749/day round trip TCE).

Suezmax

Suezmaxes in West Africa had another week of softening returns. The rate for 130,000 mt Nigeria/UK Continent fell a further seven points to WS98.86 (a daily round-trip TCE of $36,179). In the Mediterranean and Black Sea region the 135,000 mt CPC/Med route dropped about 15 points to WS137.90 (showing a daily TCE of $66,918 round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean slipped almost three points to WS75.

Aframax

In the North Sea, the rate for the 80,000 mt Cross-UK Continent route has been reduced by another 15 points to WS180 (showing a round-trip daily TCE of $75,724 basis Hound Point to Wilhelmshaven). In the Mediterranean market, the rate for 80,000 mt Cross-Mediterranean has had another poor week, coming off 37 points to WS196.89 (basis Ceyhan to Lavera to show a daily round trip TCE of $49,735).

On the other side of the Atlantic, charterers have been able to lower the market again, while owners are unable, at the moment, to stem to tide. The rate for 70,000 mt East Coast Mexico/US Gulf (TD26) is 29 points lower than a week ago at WS252.50 (a daily round-trip TCE of $81,912) while the 70,000 mt Covenas/US Gulf rate has been reduced 26 points to WS236.25 (a round-trip TCE of $69,182/day). The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent has shed a further 12.5 points week-on-week to WS207.50 (a round trip TCE basis Houston/Rotterdam of $55,792/day).
Source: Baltic Exchange
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