The Baltic Exchange: Tanker report - Week 39
The Baltic Exchange: Tanker report - Week 39
Clean
LR2
LR2 freight levels have appeared to have been somewhat unsettled this week with no clear direction. TC1 has bubbled around the WS130-135 level with Baltic TCE hovering around the $24,000/day round trip. Meanwhile a run to the UK-Continent on TC20 took a less than 1% dip to $3,825,000.
West of Suez, Mediterranean/East LR2’s saw a circa $70,000 rise on the TC15 index to creep over the $3,000,000 mark to $3,016,000.
LR1
In the MEG, LR1’s weakened a little which was uprising considering the market around them. TC5 shed 4.68 points to WS155.63 and a TC8 run to the UK-Continent remained around the $3,400,000 level.
On the UK-Continent, after holding resolute for the last few weeks, TC16 finally saw a drop due to a couple of fixtures reported at WS155 late in the week. The index dipped to its current WS157.50 (-8.13).
MR
MEG MR’s were tested down relatively harshly this week and we saw the TC17 index lost 48.57 points to WS212.86 with WS210 widely reported on subjects.
UK-Continent MR’s have had just enough activity to prevent a major downturn this week. The TC2 index lost around 10 points early in the week to the low WS180’s and has since stabilised in the mid 180’s for the balance of the week. TC19 has as usual followed the same pattern just with its usual circa 10 points premium to TC2.
In the USG MR’s redemonstrated their notable characteristic of dramatic rises and falls this week. TC14 peaked at WS162.5 mid-week, climbing 60% in two days to then resettle back down to WS122.5 48 hours later. TC18 also followed the same trend, spiking at WS259.29 mid-week (up from WS185) to then return back to WS222.50 at time of writing. A trip to the Caribbean on TC21 topped out at $1,100,000, nearly double what it started at the beginning of the week and has since gone back down to $891,000.
The MR Atlantic Triangulation Basket TCE gained $3,344 to $24,972.
Handymax
In the Mediterranean, Handymax’s took a hit to the tune of 94.45 points for the TC6 index which is currently marked at WS204.44. Up on the UK-Continent, the TC23 index pushed up a resounding 44.45 points to WS237.78 taking Baltic TCE for the run over the $30,000/day level.
VLCC
The market was calm this week. The assessed rate for 270,000mt Middle East Gulf to China remains at WS50.71 corresponding to a daily round-trip TCE of $21,812 basis Baltic Exchange’s vessel description. The 280,000mt Middle East Gulf to US Gulf trip (via the cape/cape routing) is steady around the WS26-27 level.
For the Atlantic market, the 260,000mt West Africa/China rate was flat at WS52-53 region (which shows a round voyage TCE of around $24,600/day). The rate for 270,000mt US Gulf/China, with a number of deals falling through on subjects, has fallen $427,778 to $8,022,222 ($25,967/day round trip TCE) perhaps demonstrating the fragile sentiment of this market.
Suezmax
Suezmaxes in West Africa continue to struggle, with the rate for the 130,000mt Nigeria/UK Continent trip going sideways this week at WS67.5 (a daily round-trip TCE of $12,000). In the Mediterranean and Black Sea region, the 135,000mt CPC/Med route was held again at the WS70-72.5 level (showing a daily TCE of $6,800 round-trip). In the Middle East, the rate for 140,000mt Middle East Gulf to the Mediterranean fell six points to WS55.
Aframax
In the North Sea, the rate for the 80,000mt Cross-UK Continent route is stuck for the time being at WS91-92 (showing a negative round-trip daily TCE of about -$1,900 basis Hound Point to Wilhelmshaven). In the Mediterranean market, the rate for 80,000mt Cross-Mediterranean fell back seven points to just below WS107 (basis Ceyhan to Lavera, that shows a daily round trip TCE of about $15,500), with sentiment described as weak, so a further drop is expected.
Across the Atlantic, the market was pancake-like with rates staying the same all week. The rates for 70,000mt East Coast Mexico/US Gulf and 70,000mt Covenas/US Gulf were steady at around the WS80-81 level (a round-trip negative TCE of -$3,200 and -$363/day respectively). The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent were in line with last week’s rate at between WS90-91 (a round trip TCE basis Houston/Rotterdam of $7,023/day). There is an unconfirmed report at the time of writing that a TD25 voyage paid WS95 last night; it remains to be seen if this is correct and repeatable.
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