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Tanker Market: VLCC’s On the Rise

Monday, 08 October 2018 | 00:00

Healthy activity combined with delays in the East saw rates climb 21 points in the Middle East Gulf to WS 80 for 270,000mt to China and Singapore and 280,000mt to the US Gulf was fixed five points higher to WS 32.5. West Africa to China moved in line with the Middle East Gulf with the market at WS 80 basis 260,000mt. Jose to Vadinar went at $5.2 million and East coast Mexico/South Korea went at $6.6 million. Skaw/Ningbo paid $5.1 million and subsequently $5.3 million. Sentiment in all areas remained bullish.

West Africa gained 11 points to almost WS 90 for 130,000mt to UK Continent. Black Sea added five points to WS 105/106.25 region for 135,000mt to the Mediterranean with South Korea/Ningbo covered at $3.6 million. Ceyhan to Taiwan went at $3.4 million.

A steady week in the Mediterranean saw WS 107.5/110 paid for cross Mediterranean, with Black Sea at WS 115 basis 80,000mt. Baltic rates initially dipped to WS 80 before recovering to WS 87.5 for 100,000mt. The 80,000mt cross North Sea fell to WS 100 before firming to WS 105 region. The Aframax market in the Caribbean eased five points to WS 135 for 70,000mt from Venezuela to the US Gulf.

The ARA to US Gulf market was steady at WS 112.5/115 for 55,000mt.

In the 75,000mt Middle East Gulf to Japan trade, rates held at WS 102.5, with rates for 55,000mt still at WS 120. After initially weakening to WS 115, rates in the 37,000mt Continent/USAC trade recovered strongly to WS 150. The 38,000mt backhaul eased 25 points to WS 75.
Source: The Baltic Briefing

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