Clean

LR2

LR2’s in the MEG saw a welcome upturn this week. The TC1 75kt MEG/Japan index jumped from WS112.78 to WS141.67 taking the Baltic TCE for the run up over the $30,000/day round trip. A TC20 90kt MEG/UK-Continent also climbed by $575,000 to $3.83m.

West of Suez, Mediterranean/East LR2’s ticked up modestly this week by $55,000 to $3m.

LR1

MEG LR1 freight also rocketed upwards this week. The TC5 55kt MEG/Japan index added 26.25 points to value taking it to WS160.63. A voyage west on TC8 65kt MEG/UK-Continent went from $2.72m to $3.09m

On the UK- Continent LR1 freight levels remained stable this week. The TC16 60kt ARA/West Africa index was marked at 1-2 points below WS120.

MR

MRs in the MEG also moved upward this week. The TC17 35kt MEG/East Africa index stepped up optimistically to WS223 where it has been 2 days at time of writing.

UK-Continent MRs are a different story to the MEG and have dipped this week in terms of freight. The TC2 37kt ARA/US-Atlantic coast trip came down 8.44 points to WS117.19. The Baltic description round trip TCE for the run has subsequently dropped below $10,000 to $9,493 /day.  The TC19 voyage of 37kt ARA/West Africa index tracked like TC2 and went from WS145.63 to WS136.39.

USG MRs have only moved downward this week. The TC14 38kt US-Gulf/UK-Continent went from WS110 to WS83.21. The TC18 the 38kt US Gulf/Brazil index sunk by 22.85 points to WS136.79 and a Caribbean run on TC21, 38kt US-Gulf/Caribbean came off $105,000 to $425,000 (-19.8%).  

The MR Atlantic Triangulation Basket TCE went from $20,033 to $13,573. The lowest it’s been since June 2023.

Handymax

Baltic Clean Handymax’s improved a little this week. The TC6 30kt Cross Mediterranean index went from WS131.94 to WS141.94. Up on the UK-Continent the TC23 30kt Cross UK-Continent held flat in the low WS130’s.
 

VLCC

The market bounced back towards the end of this week, except in the US Gulf where rates are still on the slide. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) climbed 5 points to WS64.35 corresponding to a round-trip TCE of $45,668.

In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) rose 2 points to WS63.19 giving a round voyage TCE of $44,743 per day. The rate for 270,000 mt US Gulf/China (TD22) tumbled $352,500 to $8,197,500 which shows a daily round trip TCE of $43,043.
 

Suezmax

Suezmax owners have stemmed the tide with rates remaining static across all routes. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) remains around the WS86.5-87.5 mark meaning a daily round-trip TCE of about $34,500 while the TD27 route (Guyana to UK Continent basis 130,000mt) has eased 3 points to the WS82.5-83.5 region translating to a daily round trip TCE of $32,171 basis discharge in Rotterdam. The TD6 route of 135,000 mt CPC/Augusta has been hovering around the WS110 region for the 2nd week showing a daily TCE of about $43,800 round-trip. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) is stuck at the WS87.5-88 level.
 

Aframax

In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) had a further 10 points hacked, and is at WS113.75, giving a daily round-trip TCE of about $26,600 basis Hound Point to Wilhelmshaven.

In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean (TD19) took another beating, losing 27 points to WS117.72 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $22,261).

Across the Atlantic, another market reversal saw rates for the local business climb while the longer voyage Trans-Atlantic eased gently. For the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) the rates firmed around 13 points to WS154.17 and 151.88 respectively, which shows a daily round-trip TCE of around $34,300 and $32,700.

The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) slipped about 2 points to WS148.33 giving a round trip TCE basis Houston/Rotterdam of $35,251 per day.