LR’s in the MEG continued their downward trajectory this week. The 75kt MEG/Japan TC1 index shed 51.66 points to WS261.67. The 90kt MEG/UK-Continent TC20 run to the UK-Continent dropped consistently through the week from $8.263 million to $7.006 million
West of Suez, Mediterranean/East LR2’s on held stable all week seeing the TC15 index stay around the $5.8 million – $6 million mark.
In the MEG, LR1 freight also lost around 15% of its value mirroring their larger siblings. The 55kt MEG/Japan index of TC5 is currently pegged at WS295.63, down 53.75 points. The 65kt MEG/UK-Continent of TC8 dropped from $7.121 million to $5.857 million.
On the UK-Continent, the 60kt ARA/West Africa TC16 index, after peaking at W245 end of last week has ticked back down to WS237.56 with the market appearing quieter over the last few days.
MR’s in the MEG have been under pressure for the second week in a row, the TC17 index lost 30.71 points to WS394.29.
UK-Continent MR’s have optimistically resurged this week. Following a widely reported fixture at the end of the week WS180 the 37kt ARA/US-Atlantic coast of TC2 index is currently marked at WS186.72 up from WS150.28. On a TC19 run (37kt ARA/West Africa) the index has followed TC2, coming up from WS168.19 to WS207.19.
The USG MR freight crept up this week off the back of available tonnage thinning out. TC14 (38kt US-Gulf/UK-Continent) went from WS163.93 to WS170.36. The 38kt US Gulf/Brazil on TC18 also hopped up 18.57 points to WS233.57. The 38kt US-Gulf/Caribbean TC21 climbed $22,599 to $682,857 taking the Baltic TCE for the run back over the £20,000 / day round trip level.
In the Mediterranean, Handymax’s increased activity, bolstered by a busy MR market in the region boosted the TC6 index from WS245 to WS270.06
Up in North West Europe, the TC23 30kt Cross UK-Continent index held flat at WS205 all week.
The market was firmer this week with gains across all regions in the VLCC sector. The rate for the 270,000 mt Middle East Gulf to China route climbed almost eight points to WS65.91 which corresponds to a daily round-trip TCE of about $42,806 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the 260,000 mt West Africa/China rose seven points at WS66.858 which shows a round voyage TCE of $44,338 per day while the rate for 270,000 mt US Gulf/China recovered $127,777 to $8,894,444 (providing a round-trip daily TCE of $43,819), and there is an overnight report of Equinor on subjects with a VLCC with lay days around 10th March, 270,000 mt USG/East at $9,250,000 so perhaps this market has further potential.
Suezmaxes in West Africa were again slightly weaker this week with the rate for 130,000 mt Nigeria/UK Continent two points lower than last Friday at WS103.27 (a daily round-trip TCE of $38,673). In the Mediterranean and Black Sea region the rate for 135,000 mt CPC/Med slipped two points to WS127.30 (showing a daily TCE of $52,208 round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean was six points lower at WS117.67.
In the North Sea, the rate for the 80,000 mt Cross-UK Continent route fell 13 points to WS155.71 (showing a round-trip daily TCE of $51,212 basis Hound Point to Wilhelmshaven).
In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean tumbled 30 points to WS161.61 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $44,123).
Across the Atlantic, the Stateside market fell again on the short-haul voyages. The rate for 70,000 mt East Coast Mexico/US Gulf (TD26) eased three points to WS206.88 (a daily TCE of $57,066 round trip) and the rate for 70,000 mt Covenas/US Gulf (TD9) lost six points to WS195.94 (a round-trip TCE of $46,958 per day). The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) bucked the trend and rose five points to WS191.88 (a round trip TCE basis Houston/Rotterdam of $46,338 per day).
Source: Baltic Exchange
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