Slight Improvement in the VLCC Tanker Market This Week
Middle East Gulf rates improved slightly, with 280,000mt Middle East Gulf to US Gulf, basis Cape/Cape, now at WS 19/19.5 level. 270,000mt Middle East Gulf to China region is now at WS 43.5. For 260,000mt West Africa/China rates have risen four to five points, to around WS 50 level. 270,000mt US Gulf to China is being assessed at $5.4m, up $100k from last week, although, at the time of writing there is a report of a Korean charterer fixing at $5.85m US Gulf to Korea for mid-September loading.
Rates for 130,000mt West Africa to UK Continent fell about 10 points to WS 67 level, although at the time of writing there is an unconfirmed report of an oil major fixing at WS 63.25. Meanwhile 135,000mt Black Sea to the Mediterranean remained steady between WS 72.5/75. There was a similar flat sentiment for 140,000mt Basrah to Mediterranean which is still hovering in the low-to-mid WS 30s.
80,000mt Ceyhan to Mediterranean is now commanding WS 80, down five points from last week. It was another steady week in the North Sea, with 80,000mt X-North Sea remaining at WS 82.5/85. In the Baltic, rates were down about five points, with the market for 100,000mt Baltic to UK Continent assessed at WS 55. Stateside voyages saw rates shed about five points, 70,000mt Caribbean to US Gulf to WS 75 and 70,000mt US Gulf to Mediterranean at WS 70 level.
The market for 75,000mt Middle East Gulf to Japan remained steady at WS 80, with 55,000mt to Japan hovering around WS 95 level, but brokers feel there is potential for modest increases in both. The 35,000mt Middle East Gulf to East Africa market firmed 7.5 points to WS 132.5. In Europe it was a volatile week, with Total paying WS 95 for 37,000mt Continent to US Atlantic Coast, but with palm oil background. Subsequent improved activity saw rates recover to WS110/112.5 region, while the backhaul 38,000mt US Gulf to UK Continent eased around eight points to low WS 80s.
Source: The Baltic Briefing