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VLCCs Stable Over the Past Week

The Middle East market was static over the course of the last week, with rates for 270,000mt to China holding at WS 49. 280,000mt to the US Gulf, via Cape-to-Cape routing, remained at WS 30. In the Atlantic Basin a similar scenario was seen, with 260,000mt West Africa to China unmoved at WS 49. The market for 270,000mt US Gulf to China hovered again around the $6.5m level.

Rates for 135,000mt Black Sea to the Mediterranean have levelled at WS 85, while the 130,000mt West Africa to UK-Continent market fell by a couple of points to WS 75. In the Middle East arena, the 140,000mt Basrah to Mediterranean route saw a gain of five points to mid-30s. This was after initially dipping below WS 30 early on.

Rates for 80,000mt, Ceyhan to the Mediterranean, got bumped up 15-17.5 points to break into the low WS 100s. Meanwhile in Northern Europe, 80,000mt cross-North Sea, lost seven points to low-mid WS 90s. 100,000mt Baltic to the UK-Continent shed five points to mid WS 70s. On the other side of the Atlantic, 70,000mt, Caribbean to the US Gulf, owners managed to claw back 7.5 to 8 points to WS 154 level. Rates for 70,000mt US Gulf to the Mediterranean are back up to low-to-mid WS 130s, recovering all the 17.5 points lost in the previous week.

A slow start to the week saw rates in the Middle East Gulf to Japan trade for 75,000mt ease modestly. However, a sudden turn around mid-week saw rates spike over 23 points. The market now sits at WS 125. A similar scenario played out in the 55,000mt size, with rates gaining 25 points to WS 125 region. In the 37,000mt UK-Continent to US Atlantic Coast trade, it was a steady week with rates hovering in the low-to-mid WS 180s. A solid performance in the 38,000mt backhaul trade from US Gulf to UK-Continent, saw rates gain around 7.5 points and are nudging mid WS 130s. The 30,000mt clean cross-Mediterranean market was steady at around WS 175.
Source: The Baltic Briefing

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