Clean

LR2

LR2 freight levels in the MEG softened further this week. The TC1 75kt MEG/Japan index dropped from WS117.22 to WS111.94 by the end of the week, the corresponding TCE returns went from $23,829/day to $21,903/day basis Baltic Description.

A voyage west on TC20 90kt MEG/UK-Continent saw a similar dip. The trip began the week at $3.4mill and came down $3.24mill.

The TC15 80kt Mediterranean/East run held flat all week around the $3.1mill mark.

LR1

MEG LR1s continued to weaken this week. The TC5 55kt MEG/Japan index started at WS141.56 and slid to WS126.88 by weeks end.

A voyage west on TC8 65kt MEG/UK-Continent remained relatively flat all week with the index held around the $2.8m level.

On the UK-Continent, LR1 freight remained resolute at the WS114 level with the TC16 60kt ARA/West Africa index fluctuating less than a WS point across the week.

MR

MR freight in the MEG climbed modestly this week. The TC17 35kt MEG/East Africa index opened at WS167.14 and climbed steadily to WS175 by weeks end, with the Baltic TCE ticking up from $14,393/day to $15,560/day.

On the UK-Continent, MRs saw mixed movement. The TC2 37kt ARA/US-Atlantic Coast index dipped from WS130.63 to WS120 to then return to WS125.94 at time of writing. The Baltic TCE ultimately went from $11,119/day to $10,028/day.

In the US Gulf, MR rates recharged back upwards this week. The TC14 38kt US-Gulf/UK-Continent run began at WS155.43 and hopped up to WS174.29, round-trip TCE earnings increased in line from $18,844/day to $22,241/day. The Caribbean run on TC21, 38kt US-Gulf/Caribbean, improved 25% from $662,857 to around $832,143. The Baltic TC24 38kt US-Gulf/Chile index also firmed from $2.08mill to about $2.21mill by the end of the week.

The MR Atlantic Triangulation Basket TCE moved across the week from $28,504/day early on to $30,887/day by the end.

Handymax

In the Mediterranean, Handymaxes on TC6, 30kt Cross-Mediterranean, jumped 30 points to WS180 where they’ve taken pause with the Baltic TCE of circa $20,000/day. The TC23 30kt Cross UK-Continent route firmed gently from WS162.78 to WS172.47.


VLCC

The VLCC markets notably dominated the industry press this week. In the Middle East Gulf the rate for the 270,000 mt Middle East Gulf to China trip (TD3C) hovered around the WS100 level all week which corresponds to a daily round-trip TCE of around $90,000 /day Baltic description.

In the Atlantic market, the rate for 260,000mt West Africa/China (TD15) marginally dropped by 3.06 points to WS93.13 giving a round voyage TCE of $81,034. In the US Gulf export market to China (TD22), the rate came down by over $1,000,000 this week to almost $11,340,000 which shows a daily round trip TCE of around $71,527.


Suezmax

In the Suezmax sector, the markets looked to have levelled off this week in the Atlantic and Middle East. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) is 4.17 points less than last Friday at WS110.83 which translates into a daily round-trip TCE of $49,933. The TD27 route (Guyana to UK Continent basis 130,000 mt) was flat all week at around WS111-112 meaning a daily round trip TCE of about $50,000. The TD6 route of 135,000 mt CPC/Augusta was unwaivering at the WS142.5 mark all week giving a daily TCE of about $72,000. In the Middle East, the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) was assessed 1.22 points higher at WS102.89.


Aframax

In the North Sea, the rate for 80,000 mt Cross-UK Continent route (TD7) remained flat at WS130 all week giving a daily round-trip TCE of over $40,500 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000 mt Cross-Mediterranean (TD19) rose incrementally from WS141 to WS142.83 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $33,796).

Across the Atlantic, the market looked to have firmed dramatically in some areas whilst stable in others. The 70,000 mt East Coast Mexico/US Gulf route (TD26) lost 3.33 points to WS148.89 (giving a daily round-trip TCE of $32,070) and the 70,000mt Covenas/US Gulf route (TD9) lost 5.6 points to the WS145 level (translating into a daily round trip TCE of just over $30,000).

The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) was assessed higher by 15.28 points to just under the WS165 level giving a round trip TCE basis Houston/Rotterdam of about $41,500 per day.

On the Vancouver exports, TD28 (80,000 mt crude oil Vancouver to China) gained a notable $343,750 to $2,900,000 and TD29 (80,000 mt crude oil Vancouver to Pacific Area Lightering point off the USWC) rose 8.75 points to break through the WS165 mark to WS166.25.