Sunday, 21 July 2019 | 01:40
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VLCCs: Bad Week for Shipowners

Monday, 01 April 2019 | 00:00

It was another bad week for owners, who saw rates continue to slide, with Unipec fixing 270,000mt at WS 46 to China, down 13 point. Going West, rates for 280,000mt to the US Gulf were assessed 1.5 points lower at WS 22 Cape/Cape. In West Africa, rates for 260,000mt fell 10.5 points to WS 45. Occidental fixed US Gulf to Singapore at $4.7 million, down $500,000. Vitol covered Hound Point to South Korea at $5.4 million.

West Africa rates for 130,000mt to Europe dipped to WS 47.5 before modestly recovering to very low WS 50s. Black Sea/Mediterranean rates for 135,000mt held in the low-mid WS 60s, with Turkish Straits delays down to three-to-four days each way.

In the Mediterranean, rates for 80,000mt from Ceyhan hovered between WS 87.5-90. In the Baltic, healthy tonnage availability saw rates fall 15 points to WS 65, basis 100,000mt, before recovering to WS 70. The 80,000 cross North Sea trade was around WS 90, but remained under downward pressure. The 70,000mt Caribs up coast market firmed to WS 100, before easing back to mid-high WS 90s.

Rates for 75,000mt Middle East Gulf/Japan benefitted from improved volumes of enquiry and nudged up 2.5 points to WS 102.5. The 55,000mt trade eased 2.5 points to WS 112.5. The market for 37,000mt Continent/USAC gained 30 points to WS 195, but came under downward pressure. The 38,000mt trade from the US Gulf to UKContinent was steady in the mid WS 90s.
Source: The Baltic Briefing

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