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Tanker Market: VLCCs on Correction Mode

Middle East Gulf rates shed 3/3.5 points to WS 83/83.5 for 270,000mt to China. Going west, 280,000mt to the US Gulf fixed at WS 33, if basis is Cape/Cape, it is down around four points. West Africa to China basis 260,000mt eased 4.5 points to WS 80. SK fixed US Gulf to Ulsan at $7.8 million.

Tighter tonnage availability with less ballasters from the East saw West Africa recover strongly with the market climbing 35 points to WS 135 for 130,000mt to UK-Cont. Black Sea/Mediterranean rates for 135,000mt firmed from WS 130 to WS 140 plus, with Turkish Straits delays now around 30 days total north and southbound.

Against improved tonnage availability, the Mediterranean market for 80,000mt dropped 30 points to WS 180 from Ceyhan, with Black Sea rates easing 15 points to WS 200, before subsequently settling at WS 190. Baltic rates for 100,000mt climbed 20 points to WS 175. 80,000mt cross North Sea rates eased to the very low WS 200s after peaking at WS 210. Caribbean rates for 70,000mt from Venezuela to the US Gulf held around WS 215 with WS 220 paid on a replacement cargo.

Rates for 75,000mt Middle East Gulf/Japan eased 17.5 points to WS 160. By contrast, the market for 55,000mt gained 7.5 points to WS 187.5.

Healthy tonnage availability saw the market for 37,000mt Continent/USAC lose over 50 points to WS 155, with a similar story in the 38,000mt backhaul trade from the US Gulf, with the market down from WS 202.5 to WS 152.25.
Source: The Baltic Briefing

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