Tanker Market: VLCCs in upward trajectory
Rates in the Middle East Gulf continued an upward trajectory, with 270,000mt to China at WS 66, up about five points and 280,000mt to the US Gulf, basis Cape/Cape, rated at WS 30, an increase of three points. Meanwhile, western loadings have also climbed, with 260,000mt West Africa to China at WS 64, increasing about four to five points. 270,000mt US Gulf to China is now at $6.5m.
Rates for 130,000mt West Africa to UK-Continent regained some of the ground lost in recent weeks, rising five points to WS 62-63 level. 135,000mt Black Sea to the Mediterranean has remained steady at WS 68/70 level and 140,000mt Basrah to the Mediterranean is unmoved at WS 32.5.
880,000mt Ceyhan to the Mediterranean improved slightly to WS 75, up 2.5 points, with Black Sea to Mediterranean again static at WS 80. Aframaxes in the North Atlantic proved uneventful again, with 80,000mt cross-North Sea at WS 85, and 100,000mt Baltic to UK-Continent at WS 55/57.5 level. The 70,000mt Caribbean to US Gulf trade weakened marginally to WS 72.5/75 level, while 70,000mt US Gulf to the Mediterranean was maintained at WS 70.
The market for 75,000mt Middle East Gulf to Japan regained 7.5 points to WS 112.5, with Minerva tonnage achieving a high of WS 115. The 55,000mt to Japan trade followed suit and now sits at the WS 112.5 region. The big gainer was the Arabian Gulf to East Africa run, where rates surged over 40 points to close to WS 190. In Europe, a slow start to the week saw rates hovering around WS 90, before a modest recovery to the mid WS 90s. In the 38,000mt US Gulf to UK-Continent backhaul trade, rates gradually firmed, with the market now hovering at WS 90 level, in contrast to the very low WS 80s a week ago.
Source: Baltic Briefing