The Golden Week holiday prompted an uptick in enquiry with rates firming four points to WS 59/59.5 for 270,000mt from the Middle East Gulf to both China and Singapore and 280,000mt to the US Gulf now assessed around WS 23 Cape/Cape. West Africa to China moved in line with the Middle East Gulf, with last done at WS 60, basis 260,000mt. The US Gulf to Korea went at $5.2 million, with Hound Point to South Korea fixed at $4.65 million.
West Africa gained five points to WS 77.5 for 130,000mt to UK-Continent, with the potential for further increases. Delays in the Turkish Straits saw the Black Sea add 10 points at WS 100 for 135,000mt to Mediterranean, with South Korea covered at a firmer $3.55 million.
An active week in the Mediterranean, with WS 107.5 paid from Ceyhan and the Black Sea, basis 80,000mt, with further rises expected. Baltic rates gained 10 points, peaking at WS 90 for 100,000mt, while the 80,000mt cross North Sea market rose to WS 117.5. The Aframax market in the Caribbean eased 7.5 points to the low WS 140s for 70,000mt from Venezuela to the US Gulf.
The ARA to the US Gulf market dropped 7.5 points to WS 112.5 for 55,000mt.
In the 75,000mt Middle East Gulf to Japan trade, rates firmed three points to WS 103.25 while healthy activity prompted a five-point rise to WS 120 for 55,000mt. Higher bunker prices and increased demand to West Africa saw rates in the 37,000mt Continent/USAC trade add 10 points to WS 110, while the 38,000mt backhaul eased from low WS 100s to just below WS 100.
Source: The Baltic Briefing
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