The BCTI finished the week at 626, down from 659 the previous week.

In the Middle East Gulf, freight levels have fallen with cargos not covering available tonnage. Most routes have consequently registered continued decreases from where they were this time last week. The LR2s of TC1, 75,000 Middle East Gulf / Japan, declined from WS106.88 to WS95.63 (-WS11.25) a round-trip TCE of $10,068 per day. LR1s have also seen a similar downward trajectory over the last week with TC5, 55,000 Middle East Gulf / Japan, declining 7.14 points to WS126.43. On TC8 Middle East Gulf / UK Continent, again the rates were barely budging from last week’s numbers finishing at $42.95/mt (a lumpsum equivalent of approximately $2.79m).

The MRs of TC17, 35,000 Middle East Gulf / East Africa, showed some recovery resulting in an increase of 98.63 points to WS237.92 a round-trip TCE of $24,667 per day. West of Suez, on the LR2s, TC15, 80,000 Mediterranean / Japan, have also softened losing $283,333 and finishing the week at $2,391,667. The LR1s of TC16 60,000 Amsterdam / Offshore Lomé were mostly flat, ending the week up WS4.29 points at WS135.

On the UK-Continent, MRs freight levels have evened out. TC2 37k UK-Continent / US Atlantic Coast finished the week at WS140, (-WS1.67). TC19, 37,000 Amsterdam to Lagos, followed suit and finished at WS150 (-WS1.43).

Rates for US Gulf MRs have slowed their rate of decline and now appear to be levelling out as more vessels ballast to the Continent. TC14 38,000 US Gulf / UK-Continent, finished the week at WS70 (-5.42). TC18 the MR US Gulf / Brazil followed TC14 to end the week at WS127.08 (-5.42). MR Atlantic Basket finished the week at $10,319 per day (-575).


For the 270,000mt Middle East Gulf to China voyage, the rate again rose by a point to WS49.27. This shows a daily round voyage TCE of $20,300 basis the Baltic Exchange’s vessel description. The rate for 280,000mt Middle East Gulf to US Gulf (via the cape/cape routing) is assessed half a point lower at WS34.5.

In the Atlantic markets, the rate for 260,000mt West Africa/China was flat at WS49.73 (a round-trip TCE of about $21,200 per day). The rate for 270,000mt US Gulf/China fell $150,000 to about $7.327 million ($19,800 per day round trip TCE).


The Suezmax market was weaker this week. The rate for 135,000mt CPC/Augusta dropped 30 points to WS168 (a round-trip TCE of $86,100 per day). Rates remain under pressure though. Midway through the week ENI were reported to have fixed a 2006 Built Greek controlled Suezmax at WS170 and overnight reports today have reports of a Spanish controlled 2012 built vessel on subjects to Inpex at WS135. In West Africa, for the 130,000mt Nigeria/Rotterdam voyage, rates fell 11 points to WS111.5 (a daily round-trip TCE of about $43,000). In the Middle East, the rate for 140,000mt Basrah/Lavera had 10 points chopped away and now rests around the WS55-56 mark.   


In the North Sea market, rates for the 80,000mt Hound Point/Wilhelmshaven route climbed 2.5 points to nearly WS166 (a round-trip daily TCE of about $57,600). In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera tumbled another 21.5 points to the WS198-199 region (a daily round-trip TCE of $66,200). Across the Atlantic, vessel availability became tight again and rates have begun to climb up in the Stateside Aframax market. The rate for 70,000mt East Coast Mexico/US Gulf rose 12.5 points to WS162.5 (about $38,400 per day round-trip TCE). Meanwhile, the 70,000mt Covenas/US Gulf advanced by 18.5 point to WS155 (a daily round-trip TCE of $33,100). For the Transatlantic route of 70,000mt US Gulf/Rotterdam, rates are on an upward trajectory, rising 29 points to WS180 (showing a round trip TCE of $43,500 per day).