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Tankers: VLCC Market on the Upside

In the Middle East Gulf, healthy enquiry combined with weather delays saw rates firm, with WS 97/100 paid for 270,000mt to China. Going west, 280,000mt to US Gulf was fixed at WS 42 Cape/Cape, up almost 10 points from a week ago. West Africa to China basis 260,000mt firmed around 14.5 points to WS 97, benefitting from the strong market in the Middle East Gulf. Vitol paid $7.5 million from the US Gulf to Singapore.

West Africa/UKC gained five points to WS 112.5 for 130,000mt underpinned by firming markets elsewhere. Black Sea/Mediterranean fixed at WS 130 for 135,000mt up from WS 107.5 the previous week and South Korea discharge gained $400,000 to $4.5 million.

Rates for 80,000mt in the Mediterranean initially eased 15 points to WS 165, but bad weather lead to uncertain itineraries and rates recovered to WS 180 for both Mediterranean and Black Sea loadings. Baltic rates for 100,000mt eased 10 points to WS 110, while 80,000mt cross North Sea dipped down to WS 132.5-135, although Sullom Voe load earlier went at WS 150. In the Caribbean, a slower week saw rates ease 20 points to WS 240 for 70,000mt from Venezuela to the US Gulf.

In the 75,000mt Middle East Gulf to Japan trade, rates firmed 12.5 points to WS 120 and the market for 55,000mt at around WS 130 region.

Healthy tonnage availability saw levels in the 37,000mt Cont/USAC trade ease 2.5 points to WS 112.5 while the 38,000mt backhaul trade from the US Gulf gained 10 points to WS 142.5/145.
Source: The Baltic Briefing

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