Clean
LR2
LR2’s in the MEG have held steadfast this week despite seemingly consistent downward sentiment. The TC1 75kt MEG/Japan index dipped a modest 5.55 points from WS134.72 to WS129.17. A TC20 90kt MEG/UK-Continent also only ticked down $75,000 to $3.66m.
West of Suez, Mediterranean/East LR2’s saw a couple of market reported fixtures this week however the TC15 index still dropped $75,000 to $2.86m.
LR1
MEG LR1’s also only moved a little this week. The TC5 55kt MEG/Japan index hovered around the high WS150’s to low WS160’s all week. A voyage west on TC8 65kt MEG/UK-Continent also floated around the $2.9m-$3.0m level.
On the UK- Continent LR1 freight levels were unwavering for the third week on week this week. The TC16 60kt ARA/West Africa index maintained itself around the WS112-WS113 mark.
MR
MRs in the MEG were gently pushed down this week. The TC17 35kt MEG/East Africa index as a result went from WS194.64 to WS188.57. This has taken the Baltic round trip TCE for the run to just under $17,500 /day.
UK-Continent MRs bottomed out this week. The TC2 37kt ARA/US-Atlantic coast run shed 7.5 points to WS137.5. The TC19 voyage of 37kt ARA/West Africa index match the behaviour of TC2 and went from WS165 to WS156.3.
USG MRs appeared more balanced this week. The TC14 38kt US-Gulf/UK-Continent trip dropped to WS111.43 from WS129.64 but has returned to WS117.86 at time of writing. The TC18 the 38kt US Gulf/Brazil index came down 10.71 points to WS166.43 and a Caribbean run on TC21, 38kt US-Gulf/Caribbean bottomed out at $603,214 but is now back up to $632,143 after starting the week at $716,429.
The MR Atlantic Triangulation Basket TCE went from $25,988 to $22,732 after bottoming at $19,857 mid-week.
Handymax
The TC6 30kt Cross Mediterranean index dropped sharply this week from WS189.44 to WS135.66. Up on the UK-Continent the TC23 30kt Cross UK-Continent also went from WS183.06 to WS160.56.
VLCC
The market plunged further this week, although a floor seems to have been found and rates in the Middle East Gulf and West Africa have arguably started to rebound. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) fell overall almost 7 points to WS44.35 corresponding to a round-trip TCE of $24,332.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) is now 4 points lower than a week ago at WS48.63 giving a round voyage TCE of $29,631 per day. In the US Gulf region, the interesting story here is that Equinor had a cargo on Wednesday and the 2 main participants fighting for the business were Exxon and Shell with relets. Exxon won that battle, taking the first counter at $6,400,000. Since then, sentiment has softened further and the TD22 route of 270,000 mt US Gulf to China was last assessed on Thursday at $6,182,500 (down over $1 million for the week) which shows a daily round trip TCE of $27,810.
Suezmax
Suezmax owners in the Atlantic region have managed to push rates up. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) has improved by nearly 9 points to WS89.17 meaning a daily round-trip TCE of $36,509 and the TD27 route (Guyana to UK Continent basis 130,000 mt) is similarly assessed almost 9 points up for the week at WS86.94 translating to a daily round trip TCE of $37,793 basis discharge in Rotterdam. The TD6 route of 135,000 mt CPC/Augusta is 5 points firmer at a fraction below WS100 giving a daily TCE of $36,350. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) remained around the WS83 level.
Aframax
In the North Sea market for the 80,000 mt Cross-UK Continent route (TD7) the rate remained at WS122.5 giving a daily round-trip TCE of about $36,371 basis Hound Point to Wilhelmshaven.
In the Mediterranean, the rate for 80,000 mt Cross-Mediterranean (TD19) recovered 15 points to settle around the WS135 mark (basis Ceyhan to Lavera, that shows a daily round trip TCE of a little over $32,600).
Across the Atlantic, the rollercoaster ride has started again. For the 70,000 mt East Coast Mexico/US Gulf route (TD26) the market rose over 40 points but has now fallen back about 4 points since the peak, at WS171.11 showing a daily round trip TCE of about $42,200 and the rate for 70,000 mt Covenas/US Gulf route (TD9) mirrored the moves of TD26 and is now assessed at WS167.19 giving a daily round-trip TCE of around $38,700.
The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) peaked after rising 32 points and then lost 8 points on Thursday to be assessed at WS173.33 giving a round trip TCE basis Houston/Rotterdam of $44,646 per day.
Source: Baltic Exchange