The market had a minor rebound this week. On 280,000mt Middle East Gulf to US Gulf (Cape/Cape routing) levels held around the W20.5 mark while the rate for 270,000mt Middle East Gulf to China recouped 2.19 points to W40.05 (showing a roundtrip TCE of $891/day). In the Atlantic market, rates for 260,000mt West Africa to China rose 1.91 points to WS41.55 (a TCE of $3.698k/day roundtrip) and 270,000mt US Gulf to China clawed back 37.5k to $4.68m (a TCE of $3.6k per day roundtrip).



In West Africa the market has taken a turn downwards with 130,000mt Nigeria/UK Continent losing 11.02 points to WS71.93 (a roundtrip TCE of $9260/day). The market for 135,000mt Black Sea/Med has seen rates move in the same direction, dropping 4.05 points to WS80 (a TCE roundtrip of about $6.7k per day). In the Middle East Gulf there has been a little more activity with WS37.5 repeated a couple of times mid-week, bringing the assessment of 140,000mt Basrah/Lavera up 2.43 points to the WS36 level.



In the Mediterranean, the market for 80,000mt Ceyhan/Lavera climbed 7.03 points to W113.47 ($12,794 per day TCE roundtrip) this week after bottoming out last Friday. In Northern Europe the market for 80,000mt Cross-North Sea recovered another 10 points to WS112.5 level (a TCE of $7.5k/day) and the rate for 100,000mt Baltic/UK Continent surged around 30 points to the W110 region (a TCE of about $22.925k per day roundtrip).

Across the Atlantic, Aframax rates came under pressure and were subsequently tested down all around. The 70,000mt Caribbean/US Gulf dropped 14.37 points to W143.44 (a TCE of $17.4k/day roundtrip). The 70,000mt East Coast Mexico/US Gulf followed a similar magnitude of reduction in freight levels and ended up at WS149.69 (-16.56) showing a roundtrip TCE of $21.7k/day. The market for the 70,000mt US Gulf/UK Continent trip saw rates shift 11 points downward to around W122.5 (a TCE of $12.7k/day roundtrip however, basis one-way economics this improves significantly).



The Middle East Gulf has been in balance all week with incremental improvements on all sizes. On the LR2s, TC1 currently sits at WS122.14 a round trip TCE of $12587/day and the most improved of the week at +WS13.93. The LR1s have again been steady all week and TC5 55k Middle East Gulf / Japan is up 2.5 points to WS137.14 - a round-trip TCE of $11307/day. The MRs were slow to start but took a midweek jump WS7.08 and 35k Middle East Gulf / East Africa (TC17) rose to WS 212.5.

In the Mediterranean the Handymax bubble burst at the end of this week and TC6, 30kt Skikda / Lavera, has come off WS46.25 to WS 275. The LR2s, TC15 80k Mediterranean / Japan remained largely unchanged throughout the course of the week and have dropped slightly to the $2.15m mark.

The Baltic Handy market has fluctuated down and then back up again from sporadic enquiry this week, TC9 30k Baltic / UK-Continent eventually ended up at around the WS222.5 mark.

On the UK-Continent, MR freight levels subsided as available tonnage gradually increased this week. TC2 37k UK-Continent / US Atlantic Coast is currently marked at WS180 (-WS7.22) and TC19 37k Amsterdam to Lagos followed suit down to WS182.14 down 9.29 points (a round trip TCE of $13918/day).

On the LR1s, TC16 60k Amsterdam / Offshore Lomé felt a welcome boost off the back of activity in the region and ended up at WS142.86 (+WS6.79).

In the Americas both runs peaked mid-week, WS130 on TC14 and WS195 on TC18. Both have since been tested down. TC14 38k US Gulf / UK-Continent is now WS 126.43 and TC18 38k from US Gulf / Brazil WS 186.79. The MR Atlantic basket TCE rose from $17601/day to $17779/day.