Clean
The CPP tanker market remained mostly under pressure this week and this was reflected in the BCTI dropping by 18.5% to 870.
In the Middle East Gulf, LR fixtures have begun to emerge as the week went on and a widely reported TC1 voyage (75kt MEG/Japan) at WS180 has led the index to WS178.13 (-53.31) level at time of writing. On a voyage West TC20 has also lost $1,214,000 to $4,342,857. Much like their larger sisters the LR1s have been continually marked down this week with TC5 losing 65.85 points to WS217.86 and TC8 shedding $1,366,000 to $3,716,700.
By comparison MRs look to be improving in the region. This was after a big injection of enquiry with TC17 bottoming out in the mid WS220s mid-week and now back up to around the WS240 level.
West of Suez, LR Freight – much like the Middle East – have come off this week. TC16 is currently resting at WS200.71 (-37.15) and TC15 is pegged at $4,008,333 after dropping $870,834.
In North west Europe, MRs have seen decent activity. However, the excess tonnage overshadowed this. Rates have slipped again with TC2 dipping 15.55 points to WS178.89 and TC19 ending up at WS192.86 (-18.57).
Handymax vessels have similarly been subject to downward pressure with TC6 forfeiting 33.75 points and a widely reported Cross Mediterranean run at WS180. It’s no surprise this is where the index currently sits. On the UK-Continent TC23 has taken a 22% hit this week dropping 55.63 points to WS193.75.
Much like Europe, the US Gulf MRs have come down significantly again with TC14 dropping below WS100 level (WS91.67 at present) for the first time since February 2022. TC18 came off a similar 15% this week to WS152.08 and a TC21 run to the Caribbean went sub $500,000 ($480,000 at time of writing).
VLCC
The VLCC market continued to trend downwards this week. 270,000mt Middle East Gulf to China has dropped another eight points to WS44.68, which translates into a round voyage TCE of $18,500 basis the Baltic Exchange’s vessel description. Meanwhile, 280,000mt Middle East Gulf to US Gulf (via the cape/cape routing) is now assessed 3.5 points lower at WS35.
In the Atlantic markets, the rate for 260,000mt West Africa/China fell six points to just below WS48 (a round trip TCE of about $23,500 per day) and 270,000mt US Gulf/China fell by a comparatively modest $54,000 to around the $8.38 million mark ($33,700 per day round trip TCE).
Suezmax
The Suezmax market bounced back this week across all regions. Rates for 135,000mt CPC/Augusta climbed 31 points to WS200 (a round-trip TCE of $114,400 per day). For the 130,000mt Nigeria/Rotterdam voyage, rates rose 26.5 points to WS116.5 (a daily round-trip TCE of $48,600) and the 140,000mt Basrah/Lavera market clawed back 2.5 points to just shy of WS74.
Aframax
In the North Sea market, rates for the 80,000mt Hound Point/Wilhelmshaven route fell nine points to a fraction below WS160 (a round-trip daily TCE of $57,100). In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera has rocketed 56 points to almost WS240 (a daily round-trip TCE of $91,100).
Across the Atlantic, the Stateside Aframax market has rebounded again, with the rate for 70,000mt East Coast Mexico/US Gulf recovering recent losses, improving by 55 points to WS195 (about $55,100 per day round-trip TCE). The 70,000mt Covenas/US Gulf market also saw rates recover, gaining 50 points to almost WS180 (a daily round-trip TCE of $44,800). For the longer-haul 70,000mt US Gulf/Rotterdam voyage, rates ascended a meagre five points to about WS166.5 (showing a round trip TCE of about $40,000 per day).
Source: Baltic Exchange
