The Baltic Exchange: Tanker report – Week 45
The Baltic Exchange: Tanker report – Week 45
Clean
LR2
LR’s in the MEG have been limited in open market activity, with a large proportion of the industry in Dubai. The 75kt MEG/Japan TC1 index lost 6.67 points to WS138.33. The 90kt MEG/UK-Continent TC20 run to the UK-Continent similarly shed $100,000 off its value to $3.825m.
West of Suez, Mediterranean/East LR2’s on TC15 were left motionless again after another week of market inactivity. The index is currently pegged at $3.23m (-$16,667).
LR1
In the MEG, LR1’s saw a softening compared to their larger counterparts this week despite a few more fixtures in the market. The 55kt MEG/Japan index of TC5 dropped from WS153.75 to WS141.88 and on the 65kt MEG/UK-Continent of TC8 ticked down $128,700 to $3.19m.
On the UK-Continent, the 60Kt ARA/West Africa TC16 index, hovered around the WS170-172.5 mark all week. The Baltic TCE for the run is still returning around $35,000/day round trip at these levels.
MR
MR’s in the MEG saw freight levels suffer again for the third week-on-week. The 35kt MEG/East Africa TC17 index, dipped circa six points to WS203.93.
UK-Continent MR’s started optimistically and then lost steam mid-week after demand began to thin out. The 37kt ARA/US-Atlantic coast of TC2 climbed to WS214.5 from WS200 to then resettle at WS209.5 at the time of writing. TC19 (37kt ARA/West Africa) followed the same pattern, topping out at WS224.38 after starting the week at WS211.25 to then end up at WS219.69.
The USG MR’s ramped upwards this week, with issues surrounding the Panama Canal again playing a major factor in the market. TC14 (38kt US-Gulf/UK-Continent) shot up 26.79 points to WS146.43 and 38kt US Gulf/Brazil on TC18 also went from WS200 to WS237. A 38kt US-Gulf/Caribbean TC21 run added 51% to is value taking the index back to the tune of $363,000 to $1.07m.
The MR Atlantic Triangulation Basket TCE climbed for the third week from $27,865 to $35,548.
Handymax
In the Mediterranean, Handymax’s had a welcome upturn this week and we saw the TC6 index resurge 27.67 points to WS225. Up in northwest Europe, the TC23 30kt Cross UK-Continent climbed incrementally to WS166.94 (+4.16).
VLCC
The market was quiet this week and rates slipped a little on the back of minimal chartering activity. The rate for 270,000 mt Middle East Gulf to China eased three points to WS68.04, which translated to a daily round-trip TCE of $47,145 basis the Baltic Exchange’s vessel description. The 280,000 mt Middle East Gulf to US Gulf trip (via the cape/cape routing) is now assessed at WS36.63, which is two points lower than last Friday.
In the Atlantic market the rate for 260,000 mt West Africa/China also was reduced by three points to WS69.05 (which shows a round voyage TCE of $48,740/day) while the rate for 270,000 mt US Gulf/China is $50,000 less than a week ago at $10,183,333 ($46,376/day round trip TCE, which is actually up $500/day on last week’s number).
Suezmax
Suezmaxes in West Africa had an uneasy week, with next to no enquiry and a number of ballasters coming from the East adding to a well-populated list of available ships in November. Sentiment was lower and when cargo did get quoted, owners were very keen to fix. The rate for 130,000 mt Nigeria/UK Continent collapsed 47.5 points to WS111.59 (a daily round-trip TCE of $45,194) with the likelihood rates will continue to drop next week. In the Mediterranean and Black Sea region, the 135,000 mt CPC/Med route has not had such a dramatic fall as seen in West Africa, with rates now 11 points off last week’s number at WS155.50 (showing a daily TCE of $78,863 round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean fell back to levels seen a few weeks ago, losing 10 points week-on-week to just below WS80.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent route has lost another 2.5 points to WS195 (showing a round-trip daily TCE of $88,838 basis Hound Point to Wilhelmshaven). In the Mediterranean market, the rate for 80,000 mt Cross-Mediterranean has reset, losing 22.5 points since last Friday to WS238.67 (basis Ceyhan to Lavera, showing a daily round trip TCE of $90,220).
On the other side of the Atlantic, while the rate for the trans-Atlantic voyage has come down significantly over the week, rates for the shorter voyages peaked mid-week and are coming down now, but still above those of last Friday. The rate for 70,000 mt East Coast Mexico/US Gulf (TD26) climbed 22 points to WS294 on Wednesday but have now slipped to WS284.38 (a daily round-trip TCE of $97,053) while the 70,000 mt Covenas/US Gulf rate is consistently placed 20 points behind TD26 and last assessed at WS264.69 (a round-trip TCE of $81,658 per day). The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent has shed 37.5 points week-on-week to WS220 (a round trip TCE basis Houston/Rotterdam of $61,099/day).
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