A spike in the activity levels for late October cargoes along with an increase in bunker costs boosted Asia Aframax freight rates 24% on the day to a three-month high Friday.
“Owners are tired of getting kicked around earning $3,000 per day on their ships. It’s now a good market. Bunker prices are getting higher and there are lots of cargoes which encourages owners,” said an Aframax shipowner.
Platts assessed the key Aframax Indonesia-Japan voyage up 17.5 Worldscale points on the day to w90 basis 80,000 mt. The rate was last at this level on July 12, Platts data showed.
Two vessels were heard on subjects at w90 out of the Southeast Asia region. Sources said Shell placed a Teekay vessel on subjects for a Kimanis to Whangarei voyage, loading October 23-25, at w90 basis 80,000 mt.
Also, SPC placed the BM Bonanza on subjects to replace the Sea Hazel for a Pluto to North Asia voyage, loading October 23, at w90 basis 80,000 mt, an informed source said.
“The charterers had been in the driver’s seat since February this year except momentarily in March, and now time charter equivalent earnings have gone up to $11,000 per day,” said a broker.