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VLCC Market Down in Major Routes

In the Middle East Gulf the market for 270,000mt to China fell six points, with Unipec securing WS 48. Going west, Exxon took two ships, at WS 20 Suez/Suez, for 280,000mt to US Gulf. In West Africa, in line with the Middle East market, rates fell almost four points to WS 50. Petroineos fixed Rotterdam to Singapore at $4.75 million, while Hound Point to South Korea went at $5.75 million. CPC fixed US Gulf to Taiwan at $6.3 million.

West Africa initially firmed to WS 80 for 130,000mt to UK-Continent, before easing to low WS 70s. Black Sea/Mediterranean rates for 135,000mt were steady at WS 97.5, with Turkish straits delays of 36 days in total, north and south, supporting the market here.

An uneventful week saw rates static at WS 105 for 80,000mt from Ceyhan with Black Sea paying low WS 120s. In the Baltic rates for 100,000mt dropped to WS 87.5. The 80,000mt cross-North Sea market followed suit, losing 7.5 points to WS 105.

Rates for 75,000mt Middle East Gulf/Japan eased 2.5 points to WS 127.5. The market for 55,000mt fell a further 7.5 points to WS 122.5. Limited enquiry and plenty of tonnage saw rates ease 10 points to WS 125 for a 37,000mt, Continent/USAC, with the market remaining under downward pressure. The 38,000mt backhaul trade from US Gulf initially gained five points, WS 100 before easing to WS 95, with potential to soften further.
Source: The Baltic Briefing

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