Clean

LR2

LR2 freight levels dipped this week in the MEG with reports of low enquiry levels. The TC1 75kt MEG/Japan index dropped from WS118.33 to WS108.06 over the course of the week, the corresponding TCE returns went from $22,954/day to $19,684/day basis Baltic Description.

A voyage west on TC20 90kt MEG/UK-Continent also came off. The index went down by $347,500 to $2.99mill.

The TC15 80kt Mediterranean/East trip softened this week to $3.05mill (-$130,000).

LR1

MEG LR1s also lost value this week. The TC5 55kt MEG/Japan index started at WS121.88 and slipped to WS113.3 by end of the week.

A voyage west on TC8 65kt MEG/UK-Continent ended the week assessed $264,290 lower at $2.53mill.

On the UK-Continent, LR1 freight held resolute again at the WS115 level on the TC16 60kt ARA/West Africa index.

MR

MR freight in the MEG managed to remain level despite the larger sizes in the region softening. The TC17 35kt MEG/East Africa index hovered around the WS175 level all week.

On the UK-Continent, MRs eventually came off after holding on the WS115 level for a few days. The TC2 37kt ARA/US-Atlantic Coast index is currently marked at WS103.44 (-15.94). The Baltic TCE for the run ended up at $6,739 $/day at this level.

In the US Gulf, MR rates dropped dramatically mid-week to then pause. The TC14 38kt US-Gulf/UK-Continent run began at WS214.64 and fell mid-week to just over WS180 where it currently lies. The round-trip TCE earnings dropped accordingly from $31,000/day to $24,363/day. The Caribbean trip on TC21, 38kt US-Gulf/Caribbean, sunk by 17% this week to $896,429. The Baltic TC24 38kt US-Gulf/Chile index also came down from $2.5mill to about $2.27mill.

The MR Atlantic Triangulation Basket TCE went from $37,975/day to 30,013/day.

Handymax

In the Mediterranean, Handymaxes on TC6, 30kt Cross-Mediterranean, regained a little over 23 points to WS153.06 with Baltic TCE of circa $12.700/day. The TC23 30kt Cross UK-Continent route softened from WS160.56 to WS151.94.


VLCC

The VLCC markets responded in different ways this week with the Middle East and West Africa losing ground, but the US export market recovered. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) fell back over 10 points by mid-week, however by Thursday had recovered 3 points to WS72.17 which corresponds to a daily round-trip TCE of $56,800.

In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) had slipped to mid-WS70s at the midweek point and recovered 3 points on Thursday to WS78.31 giving a round voyage TCE of $64,220. The US Gulf to China (TD22) market is arguably controlling the strength of the other markets while owners seem to be ‘committing’ to ballasting from the East to the West, and the rate firmed by over $687,000 to almost $10,300,000 which shows a daily round trip TCE of around $62,960.


Suezmax

In the Suezmax sector, the market remains firm with some gains seen in the Atlantic markets. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) is 7 points firmer than last Friday at WS106.39 which translates into a daily round-trip TCE of $47,770. The TD27 route (Guyana to UK Continent basis 130,000 mt) also increased by 7 points to WS102.78 meaning a daily round trip TCE of a little over $45,200. The TD6 route of 135,000 mt CPC/Augusta moved up 1.5 points to WS141.22 giving a daily TCE of about $71,700. In the Middle East, the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) is still hovering around the WS100 level.


Aframax

In the North Sea, the rate for 80,000 mt Cross-UK Continent route (TD7) remained flat at the WS140 mark giving a daily round-trip TCE of just shy of $50,400 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000 mt Cross-Mediterranean (TD19) improved by 7.5 points to nearly WS158 (basis Ceyhan to Lavera, that shows a daily round trip TCE of just over $42,150).

Across the Atlantic, the market turned seemed relatively steady. The 70,000 mt East Coast Mexico/US Gulf route (TD26) lost a point to the WS145 mark (giving a daily round-trip TCE of a little over $30,000) and the 70,000 mt Covenas/US Gulf route (TD9) remained around the WS142 level (translating into a daily round trip TCE of just under $28,900).

The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) gained 8 points to around WS157.5 giving a round trip TCE basis Houston/Rotterdam of about $39,400 per day.

On the Vancouver exports, TD28 (80,000 mt crude oil Vancouver to China) slipped back $75,000 to $2,825,000 and TD29 (80,000 mt crude oil Vancouver to Pacific Area Lightering point off the USWC) remained within the WS190-192.5 region.