Wednesday, 22 May 2019 | 23:51
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Tanker Market: VLCCs on the Up

Monday, 25 February 2019 | 00:00

The firm sentiment held in the Middle East Gulf with 270,000mt fixed to China at Worldscale (WS) 57.5 up eight points, with Singapore discharge peaking at WS 60. Going West, rates for 280,000mt to the US Gulf were assessed almost 5.75 points higher at WS 29 Cape/Cape. In West Africa, Day Harvest agreed WS 57.5 for 260,000mt to China, up eight points from the start of the week. A South Korean charterer fixed East Coast Mexico and US Gulf to South Korea at $6.95 million. Hound Point to South Korea went at $ 5.1 million, while Shell fixed fuel from Rotterdam to Singapore at $4.45 million.

West Africa rates for 130,000mt eased from WS 70 to WS 67.5/68.5. Black Sea/Mediterranean rates for 135,000mt were steady at close at WS 85.

Another disappointing week in the Mediterranean saw rates for 80,000mt from Ceyhan hovering in the mid WS 80s, before nudging up modestly. Black Sea was fixed five points lower at WS 102.5, having dipped to WS 95. In the Baltic, available ice tonnage tightened and after replacement business was fixed at WS 102.5, the market went to WS 105. Rates for 80,000mt cross-UK Continent also firmed, now hovering between WS 110/115 in contrast to WS 100 a week ago. The 70,000mt Caribs up coast market eased 10 points to mid WS 140s.

Rates for 75,000mt Middle East Gulf/Japan dropped 17.5 points to WS 110 with the 55,000mt market losing 2.5 points to WS 110. The market for 37,000mt Continent/USAC was steady at WS 135, while the 38,000mt from US Gulf to UK Continent trade held at WS 120.
Source: The Baltic Briefing

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