Week 24
Short east to Singapore-Thailand has been covered at WS 63/64 level while long east has been going at around WS 60/61 level for 270,000 tonnes cargo. Adnatco failed on ore/oil carrier Olympic Lion at WS 56.5 and instead took Greek Warrior at WS 60.25 for Japan discharge, basis 265,000 tonnes cargo. Going west, 280,000 tonnes to US Gulf is understood to have gone at both WS 36.5 and WS 37 cape/cape, but is said to include wide options.
In West Africa, rates for 260,000 tonnes have come under pressure and after Unipec took Maran Capricorn at WS 62 to China, CPC are understood to have covered on Sea Lynx at WS 60 for a run to Taiwan. Similarly, cargoes to west coast India have seen a significant fall as a West Africa to Sikka run went at $4.5 million, when previously a voyage to Vadinar was fixed at $5.15 million.
In the North Sea, there has been renewed interest from Hound Point with trips to Korea being covered at $7.65 and $7.7 million. The Caribbean to Singapore has remained steady with Glasford reportedly paying around $7.35 million, although with a lack of activity here brokers feel these levels could come under pressure.
In West Africa, rates to Europe for 130,000 tonnes have continued to drop and after starting the week in the high WS 80s, the market has settled here at WS 80. However, for USAC discharge Suncor covered on SCF Altai at an aggressive WS 72.5.
In the Black Sea, it has been another slow week with Chevtex paying WS 100 to UK-Cont-Med on a replacement cargo for 135,000 tonnes, while a larger 140,000 tonne stem was covered at WS 96 also for Europe discharge. Thereafter the interest has been for runs to the Far East with Korean discharge being covered at $4.2m and west coast India options going at both $2.9 and $3.0 million. A fuel oil cargo was fixed by Solal at around $3.45/3.5 million level for Singapore discharge. In the Mediterranean, Socar took Cap Philippe for 135,000 tonnes from Ceyhan to UK-Cont at WS 80.
In the Mediterranean it has been a very active and firmer week due to renewed enquiry from Libya, delays in Trieste and replacement business. Rates rose from WS 125 at the start of the week to WS 142.5, achieved by Arcadia tonnage for a Ceyhan/Med trip. While a heated cargo from Libya to Sarroch went at WS 165. Petrogal did manage to cover at WS 125 for Sidi Kerir to Portugal but this was on a ship destined for dry dock immediately afterwards. Black Sea rates have moved in tandem with ENI taking Thenamaris tonnage at WS 140. However, with such a buoyant/active market it remains to be seen if suezmaxes will look at afra part cargoes here.
In the Baltic, rates firmed from WS 105 at the start of the week to WS 135 before easing modestly to WS 130 as suezmaxes grabbed some fuel oil cargoes and the tonnage list now looks to open up somewhat. Cross the North Sea, rates for 80,000 tonnes benefitted from the firm Baltic market. A week ago the market was at WS 135, but uncertain itineraries with ships sitting laden off Hound Point and Tees awaiting discharge orders lead to rates rising to WS 160 before destinations became clearer, and renewed availability of tonnage has seen rates correct downwards significantly to WS 145 level.
In the Caribbean, the market for 70,000 tonnes going up coast eased 10 points at the start of the week down to WS 137.5, thereafter owners have managed to maintain this level.
The market for 55,000 tonnes from Continent to US Gulf remains unchanged at WS 127.5 as steady levels of enquiry have helped absorb the tonnage.
It has been a week of steady, if relatively modest gains, with rates for 37,000 tonnes from Continent to USAC up around 10 points. WS 162.5 was confirmed and WS 165 has fixed/failed twice. Owners’ cause has been helped by healthy levels of short haul enquiry for MR tonnage from Baltic/UK-Cont prior to committing to longer runs.
Rates for 38,000 tonnes from US Gulf have remained stable throughout the week at WS 125.
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