VLCC

The VLCC sector saw rates pretty much static this week with ‘earnings’ ever so slightly up. In the Middle East, 280,000mt to US Gulf via the Cape/Cape routing were unchanged at W18/18.5 level and 270,000mt to China ticked up a single point to WS32.5 level (just about a positive TCE). In the Atlantic region, rates for 260,000mt West Africa to China hovered around WS32.5, whilst rates for 270,000mt US Gulf to China gained close to $80k to settle around $4.3m.

 

Suezmax

In the 135,000mt Black Sea/Med market we saw rates climb a further seven points to now be assessed around WS70-72.5 level (about $7,000/day). The West African market, meanwhile, again saw the biggest increase where 130,000mt Nigeria/UK Continent rates climbed more than 7.5 points to between 67.5-70 level (about $13,000 per day). In the 140,000mt Basrah/Med market, rates firmed two points to WS20-21 region.

 

Aframax

Rates for 80,000mt Ceyhan/Lavera increased five points this week to WS77.5-80 level (just over $1,800/day TCE). In Northern Europe, rates for voyages of 80,000mt cross-North Sea remained static at WS77.5 (a TCE of about -$6.5k/day). The 100,000mt Baltic/UK-Continent rates dipped two more points to WS58 (about $1,700 per day). On the other side of the Atlantic, the market eased with rates for 70,000mt Carib to US Gulf falling five points to about WS82.5/85 level (just below $3k/day TCE). For the 70,000mt US Gulf to UK Continent trip, rates fell back three points to a fraction below WS73.

 

Clean

In the Middle East Gulf/Japan trade, charterers have held the upper hand and owners have seen rates eroded further with 75,000mt to Japan easing around 2.5 points to low WS70s. In the 55,000mt trade, the market is still hovering at, or very close to, mid WS70s. In the 35,000mt AG/East Africa trade, the start of the week saw rates readjust down 8.5 points to WS140. It has continued to soften with the market now at WS 135 and remains under pressure. For owners plying the 37,000 Cont/USAC market, it has been a positive week with the market gaining 15 points to WS130 level. However, with the weak market in the US Gulf, tonnage is ballasting across to the Continent. And, from 10th February onwards, the tonnage list consequently opens out somewhat so the market will need sustained enquiry if rates are to be main maintained here. The backhaul trade of 38,000mt from US Gulf to UK-Continent has been steady at an insipid WS75 region, while the 38,000mt US Gulf to Brazil run has seen four points shaved off the rates, which now sit at WS107.5/108 region. In the 30,000mt cross-Mediterranean trade, a slower week and lack of weather delays saw rates readjust downwards from low WS160s to sit now in the very low WS 150s. Brokers feel there is potential for further softening here.