Clean
LR2
LR2’s in the MEG were eventually retested back down this week. The TC1 75kt MEG/Japan index lost 14.44 points to WS113.89. A TC20 90kt MEG/UK-Continent run also went from $3.63m to $3.37m.
West of Suez, Mediterranean/East LR2’s held steadfast this week with the TC15 index being maintained around the $2.84m level.
LR1
MEG LR1’s moved downward steadily across this week. The TC5 55kt MEG/Japan index dropped from WS154.69 to WS139.06. A voyage west on TC8 65kt MEG/UK-Continent also lost $189,280 to $2.74m.
On the UK- Continent LR1 freight levels were unmoved for the fourth week on week this week. The TC16 60kt ARA/West Africa index remained around the WS114 level.
MR
MRs in the MEG regained early in the week to then plateau. The TC17 35kt MEG/East Africa index as a result went from WS189.64 to WS202.5 following a couple of fixtures reported at the WS200 level but at time of writing nothing reported higher.
UK-Continent MRs were relatively stable this week. The TC2 37kt ARA/US-Atlantic coast run had a little boost up the WS140 mid-week but has since returned to WS135 where sits for the moment. The Baltic Time Charter equivalent round trip, as a result, currently sits at $13,175 $/day.
USG MRs started optimistically this week only to then come crashing back down. The TC14 38kt US-Gulf/UK-Continent trip went from WS112.14 to WS131.43 mid-week only to drop back to WS110.71 the following day. A Caribbean run on TC21, 38kt US-Gulf/Caribbean peaked at $775,000 but is now back down to $641,429 after starting the week at $592,143.
The MR Atlantic Triangulation Basket TCE driven by the movements of TC14 ultimately went from $21,877 to $20,796 pausing at $25,096 mid-week.
Handymax
Mediterranean Handymax’s were flat this week, the TC6 30kt Cross Mediterranean index didn’t budge from the WS130 level. Up on the UK-Continent the TC23 30kt Cross UK-Continent also remained stable around WS160.
VLCC
The market was softer again this week, although perhaps the floor is near as the rate of decline was not so pronounced. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) eased 1 point to WS43.6 corresponding to a round-trip TCE of $22,764.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) slipped about 1.5 points to WS47.06 giving a round voyage TCE of $27,252 per day. In the US Gulf region, the rate for the TD22 route of 270,000 mt US Gulf to China fell $207,500 to $5,947,500 which shows a daily round trip TCE of $25,271.
Suezmax
Suezmax owners have been taking the brunt of rate declines this week. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) plummeted 14 points to WS74.72 meaning a daily round-trip TCE of $26,929 and the TD27 route (Guyana to UK Continent basis 130,000 mt) fell almost 10 points to WS76 translating to a daily round trip TCE of about $27,300 basis discharge in Rotterdam. The TD6 route of 135,000 mt CPC/Augusta lost 5 points to just below WS95 giving a daily TCE of around $31,250. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) eased slightly to the WS81-82 level.
Aframax
In the North Sea market for the 80,000 mt Cross-UK Continent route (TD7), the rate remained at WS122.5 again giving a daily round-trip TCE of $35,650 basis Hound Point to Wilhelmshaven.
In the Mediterranean, the rate for 80,000 mt Cross-Mediterranean (TD19) slipped 4 points to WS128.78 (basis Ceyhan to Lavera, that shows a daily round trip TCE of a little over $28,500).
Across the Atlantic, the downward spiral continues with the rate for the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) collapsing 26 points to the WS141 and WS137 mark, respectively. This translates into a daily round-trip TCE of $28,200 and $26,650.
The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) fell hard, losing almost 30 points week-on-week to a fraction above WS138 giving a round trip TCE basis Houston/Rotterdam of a little over $31,200 per day.
Source: Baltic Exchange