Monday, 28 September 2020 | 01:04
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Tankers: VLCC Market Still Under Pressure

Monday, 29 July 2019 | 00:00

Rates for 270,000mt Middle East Gulf to China lost a point to WS 42.5 with talk of KPC fixing ‘east’ at WS 40.5. The assessment for 280,000mt Middle East Gulf to the US Gulf, basis Cape to Cape remains at WS 18.5/19 level. 260,000mt West Africa to China shed a point to WS 45. Occidental reportedly fixed US Gulf to China at around $5.3 million. Hound Point to Korea went at $4.5 million.

It was a better week for owners in West Africa, with a replacement cargo fixing 130,000mt at WS 72.5. Subsequently, Total paid WS 73.5 ex-Djeno and then Exxon fixed off 9 August at WS 80, all to Europe, in contrast to WS 60 a week ago. Rates for 135,000mt Black Sea to the Mediterranean was steady at between WS 72.5/75. The market for 140,000mt Basrah to the Mediterranean has hovered around the low to mid WS 30s.

The Mediterranean sector proved uneventful, with rates for 80,000mt Ceyhan to Mediterranean steady at around WS 85. Meanwhile, rates remained flat in North-West Europe, with 80,000mt Cross-North Sea at WS 82.5/85, although, West Coast Norway load is said to have been fixed at WS 80. The market for 100,000mt Baltic to the UK-Continent held in the low WS 60s. The 70,000mt Caribbean to US Gulf trade was unchanged at WS 80, while 70,000mt US Gulf to the Mediterranean gained around five points to WS 75 level.

The market for 75,000mt Middle East to Japan remained flat at WS 80, with 55,000mt Arabian Gulf to Japan hovering between WS 95/97.5 level. The 35,000mt Middle East Gulf to East Africa market settled at between WS 125/127.5 region. In Europe rates for 37,000mt the Continent to the US Atlantic coast recovered 10 points to WS 105 while the backhaul 38,000mt US Gulf to UK-Continent gained over 20 points to now sit in the low WS 90s.
Source: The Baltic Briefing

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