Week 26
In the Middle East Gulf rates for 270,000 tonnes to China have eased to WS 66. The Korean company S-Oil, with what are considered to be ‘good terms’ are understood to have covered on Maran tonnage at WS 60 basis 280,000 tonnes for named port of Onsan.
Going west, Bahri are understood to have covered at WS 37.5 cape/cape for 280,000 tonnes to the US Gulf while Irvine reportedly paid WS 39.5 cape/cape to east coast Canada.
In West Africa, rates for 260,000 tonnes have weakened with WS 70 agreed for a run to China and owners showing interest to fix now in the upper WS 60s. Indian charterers have been active with west coast India discharge paying between $5.7 & $5.8 million and east coast India has been fixed at $6.02 million.
In the North Sea a fuel oil run from Rotterdam to Singapore reportedly went at about $6.5 million with owners paying port costs at loadport while the Caribbean to Singapore run has held steady at around $ 7.3 million.
In West Africa, rates to Europe for 130,000 tonnes have continued to firm albeit modestly with rates creeping up from WS 100 to WS 105 as there remains a significant amount of tonnage awaiting orders with unsold cargoes onboard, and tonnage discharging fuel oil in Singapore, which would ballast to West Africa, has also been beset by delays and ullage problems there.
In the Black Sea, Chevtex are understood to have taken both Gemini and Centrofin tonnage at WS 127.5 for 135,000 tonnes while a trip to Korea has been covered at $4.6 million. Mediterranean rates remain firm with a trip from Algeria to UK-Cont going at WS 120 and OMV paid WS 150 for a prompt cargo from Tunisia and Libya to Trieste, both basis 130,000 tonnes cargo quantity.
In the Mediterranean rates have firmed further with levels up almost 20 points from the start of the week to sit now in the low WS 150s. A combination of delays in Trieste and also at Ceyhan for loading Kirkuk crude has seen pressure maintained on the tonnage list. With the North Sea/Baltic strong there has remained a bullish sentiment here with no need for owners in the Mediterranean to drop their rates.
In the Baltic, rates have been more volatile, starting the week in the high WS 130s before spiking at WS 160 level but have now eased back to WS145. In the North Sea, the market for 80,000 tonne cargoes going to near Continent remains extremely firm having moved up to low WS 180s at the start of the week and is presently at WS 190 as ships load in EC UK and then await discharge orders for the cargo on board thus delaying their return to the market. A very short Fredericia/Brofjorden trip went at WS 210.
In the Caribbean, the market for 70,000 tonnes going up coast has held in the low/mid WS 170s.
A strong panamax market in the Caribbean with levels there of 50,000 tonnes up coast around WS 160, has led to a lack of ballasters to the Continent where rates for 55,000 tonnes to US Gulf remain firm with WS 135 reported on subjects and owners now looking to improve on this.
It has been a good week for owners plying the Continent to USAC trade where rates have continued to strengthen with levels rising to around WS195/ 200. Short haul business from the Baltic has also contributed, taking a lot of tonnage leading to a tight position list and uncertainty on itineraries.
In the US Gulf, levels for 38,000 tonnes from the US Gulf to UK-Cont have been steady around WS 120.
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