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VLCCs: Rates on Steady Course

A steady week in the Middle East Gulf saw rates at WS 90 for 270,000mt to China. Going west, 280,000mt to the US Gulf was assessed in the low WS 40s Cape/Cape. West Africa to China basis 260,000mt fixed at WS 89.5 up 3.5 points over the week. US Gulf to China went at $8.65 million, while $9 million failed ex US Gulf, but agreed from Covenas.

West Africa firmed 25 points, with WS 145 paid for 130,000mt to UKCont. Black Sea/Mediterranean rates were steady at WS 172.5-175 for 135,000mt with West Coast India agreed at $3.75 million.

Rates for 80,000mt in the Mediterranean firmed 17.5 points, with Statoil fixing from Ceyhan at WS 165; Libya load went at WS 170. Increased delays in the Turkish Straits saw Black Sea rates gain 25 points to WS 172.5/175. Baltic rates for 100,000mt rose to WS 97.5 from WS 90.In the 80,000mt cross North Sea trade, WS 130 was fixed from Sture, up 12.5 points. In the Caribbean, rates lost 65 points, with the market now in the low WS 170s, for 70,000mt from Venezuela to US Gulf.

Status quo was maintained, with the 75,000mt Middle East Gulf/Japan market close to WS 120, with 55,000mt steady at WS 127.5/130.

A busy week Continent/Baltic saw the tonnage list thin and rates marginally firmer at WS 142.5/145 for 37,000mt Continent/USAC. The 38,000mt backhaul trade from the US Gulf enjoyed another positive week gaining 17.5 points to WS 152.5.
Source: The Baltic Briefing

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