Middle East Gulf rates have maintained at WS41.5 to WS 42 region for 270,000mt going to China. US Gulf discharge has remained at around WS 18-19 level basis 280,000mt Cape to Cape. West Africa to China for 260,000mt is now about W43.5 level, commanding a point or two more than it did a week ago. Elsewhere, it was reported that 280,000mt Hound Point to South Korea was on subjects at $4.25m, while 280,000m from the US Gulf to China was at $5.15m. Vitol reportedly took DHT tonnage for an Algeria/Ningbo trip at $4.5m.
West Africa suezmaxes came under pressure again with limited enquiries and a lengthening position list. However, rates were relatively unchanged, with 130,000mt at WS 60 for Europe discharge. Black Sea/Mediterranean remained flat at WS77.5 for 135,000mt.
Rates for 80,000mt Ceyhan/West Mediterranean jumped this week, from WS 107.5 to WS 115 today. In the North Sea, rates maintained similar, at levels close to last week. 80,000mt was at WS 100 region for a typical North Sea to UK Continent trip. Whilst a similar sentiment was seen in the Baltic, with 100,000mt at WS 75 being the market for UK Continent discharge.
Rates for 75,000mt from the Middle East Gulf to Japan held at WS107.5/110 level, whilst a similar scenario was seen for 55,000mt, holding at WS 117.5 level. The market for 37,000mt from the Continent to USA Caribbean firmed slightly from WS102.5/105 last week to WS107.5/110 levels today. The 38,000mt backhaul trips from the US Gulf shed 10 points over the course of the week and are now trading at WS 85 levels.
Source: The Baltic Briefing