Another slight slippage of the rates was seen this week. For the 280,000mt Middle East Gulf to US Gulf (Cape/Cape routing) trip, rates are maintained at WS21.5 level. However, the rate for 270,000mt Middle East Gulf to China eased almost a point to just below WS42 (a roundtrip TCE of $135/day). In the Atlantic, rates for 260,000mt West Africa to China slipped a point to a shade under 43.25 (a TCE of $2.8k/day roundtrip) and 270,000mt US Gulf to China shed $59k to $5.35m (a TCE of $8.9k per day roundtrip).



In West Africa, the market eased further with the rate for 130,000mt Nigeria/UK Continent down three points week-on-week at WS58 (showing a roundtrip TCE of about $470/day). The market for 135,000mt Black Sea/Med fell seven points to WS65 (a TCE roundtrip of about minus $4.4k per day). Meanwhile, for the 140,000mt Basrah/Lavera market, there has been a little interest seen and the market is now assessed 2.5 points firmer than a week ago at WS34.5. This is on the back of Turkish refiners who struggled to garner interest at last week’s level of WS32.5 and having to cover at WS35 with a Greek owner for a Basrah/Turkey cargo.



In the Mediterranean, the market for 80,000mt Ceyhan/Lavera took another tumble this week with rates coming off 17 points to a touch above WS98 ($5.2k per day TCE roundtrip). In Northern Europe the market for 80,000mt Cross-North Sea softened by six points to WS103.5 (a TCE of about $780/day). The rate for 100,000mt Baltic/UK Continent lost nine points to close to the WS82 mark (a TCE of about $7.3k per day roundtrip). On the other side of the Atlantic, the market had a flurry of activity in the early part of the week, allowing players to enjoy the Thanksgiving Holiday. At the midpoint of the week the 70,000mt Caribbean/US Gulf rate was down 2.5 points to WS114 (a TCE of $6.5k/day roundtrip). The rate for 70,000mt East Coast Mexico/US Gulf route had three points taken out of it at WS115 ($8.1k/day TCE roundtrip). The market for the 70,000mt US Gulf/UK Continent trip had a much more positive few days with the rate rising for each fixture, climbing 14 points overall to WS117.5 (a TCE of $9.9k/day roundtrip. However, basis 1-way economics this improves significantly).



The Middle East Gulf has been balanced this week. On the LR2s TC1 has held stable at around the WS110-112.5 region, returning an approximate round trip TCE of $7.5k/day. The LR1s have clung onto current levels despite tonnage outweighing enquiry and TC5 55k Middle East Gulf / Japan is down 1.07 points to WS110.36 a round-trip TCE of $4388/day. The MRs have shown an incremental improvement and 35k Middle East Gulf / East Africa (TC17) has crept up around WS7 points into the low 180s. In the Mediterranean, the Handymax rates have remained flat from enquiry petering out during the week. TC6 30kt Skikda / Lavera is now at WS 140.63 (- WS 3.12). The LR2s, TC15 80k Mediterranean / Japan have just had enough sentiment to hold on at levels from last week and are still in the $2.35m region for the moment. The Baltic Handy market showed a consistently firming sentiment this week and has been tested upwards. TC9 30k Baltic / UK-Continent is now WS 168.57 (+WS 15)

On the UK-Continent, MRs have again had a busy fixing week with freight levels continuing to rally. TC2 37k UK-Continent / US Atlantic Coast is currently marked at WS158.57 (+WS29.68). TC19 37k Amsterdam to Lagos has followed suit and is currently at WS164.64 up 31.78 points. On the LR1s, TC16 60k Amsterdam / Offshore Lomé has had a boost from the active MRs in the region and climbed WS3.21 points to WS140. In the Americas the owners will have sought respite in the holiday weekend from the freight rates that were consistently under pressure at the beginning of the week. TC14 38k US Gulf / UK-Continent dropped to WS 85.36 (-WS 11.78) and TC18 38k from US Gulf / Brazil also fell 16.07 points to WS 140.36.