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Tanker Market: VLCCs Looking for New Direction

Monday, 24 September 2018 | 00:00

Rates for 270,000mt, from the Middle East Gulf to both China and Singapore, were marginally firmer at WS 56.5/57.5, and a US Gulf-bound cargo to the US Gulf done at WS 20 Cape/Cape, but now assessed at WS 21.5. West Africa to China gained two points to WS 57, basis 260,00mt, US Gulf to South Korea went at $5.0 million and $5.2 million. Occidental fixed to Singapore at $4.0 million. Bahri covered 280,000mt from Sidi Kerir to Rotterdam at WS68.5, while Hound Point to China went at $4.6 million.

West Africa/UK-Continent finished the week WS 72.5, up 2.5 points for 130,000mt. Black Sea nudged WS 90 with many cargoes requiring east options, with Singapore booked at $2.65 million and China at $3.15 million. Shell fixed Algeria/Fos at WS 87.5, and Sidi Kerir/Ningbo went at $2.75 million.

Mediterranean rates settled at WS 100 for 80,000mt from Ceyhan and the Black Sea. Baltic rates rose five points to WS 80 for 100,000mt and 80,000mt cross North Sea stood at WS 106.25/107.5. The Caribbean Aframax market was steady in low WS 150s for 70,000mt Venezuela to US Gulf.

The 55,000mt ARA to US Gulf market was unchanged at WS 120/122.5.

Rates for 75,000mt Middle East Gulf/Japan climbed 2.5 points to WS 100 and healthy activity 55,000mt resulted in a 7.5 points rise to WS 115. The 37,000mt Continent/USAC trade dropped 20 points to WS 100 after the cargo supply dried up, leaving an over-tonnaged market. The 38,000mt backhaul eased 2.5 points to WS 100.
Source: The Baltic Briefing

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