Clean
LR2
Tonnage has remained plentiful for MEG LR2’s this week. As a result, we have seen TC1 75kt MEG/Japan drop to less the WS100 for the first time since July 2023, with index dropping 8.61 points WS95.83. The TC20 90kt MEG/UK-Continent came down $262,500 to $3.49m where its looks to have plateaued for the moment.
West of Suez, Mediterranean/East LR2 freight dipped a little this week. TC15 is currently marked at $2.85m (-$127,083).

LR1
In the MEG, LR1’s have followed the same path of their larger counterparts in the region. The TC5 55kt MEG/Japan index lost 16.56 points to WS105, and on a trip west on TC8 65kt MEG/UK-Continent fell from $3.21m to $2.87m.
On the UK- Continent, TC16 remained flat with the index assessed around WS111 all week.

MR
MEG MR’s also saw their freight levels hold this week. Subsequently, the TC17 index looked to have reached a floor for the moment the index sat at WS170 all week.
UK-Continent MR’s managed to hold on to levels despite limited activity. The TC2 37kt ARA/US-Atlantic coast index remained level around the WS85 and the delta to expanded as the TC19 37kt ARA/West Africa index ticked up 10.93 points to WS125.31.
USG MR’s lost a little steam this week and vessels continued to ballast into the region. TC14 shed 11.78 to WS167.86. TC18 also came down to WS217.14, down 12.15 points from this time last week. TC21 dipped 17% or $107,000 to $655,000.
The MR Atlantic Triangulation Basket TCE climbed from $24,451 to $22,939.

Handymax
Mediterranean Handymax’s came off for the second week on week seen in the TC6 index going from WS141.94 to WS117.78.
Up on the UK-Continent, TC23 dropped another 11.67 points this week to WS116.39.

VLCC
The VLCC market lost ground again this week. The 270,000 mt Middle East Gulf to China (TD3C) trip is now 6 points lower than a week ago at WS47.05, which gives a daily round-trip TCE of $24,373 basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) has been reduced by 3 points to WS50.78 (corresponding to a round voyage TCE of $29,004 per day), and the rate for 270,000 mt US Gulf/China (TD22) dropped by another $187,500 to $7,562,500 (a daily round trip TCE of $35,108).

Suezmax
Suezmax rates have struggled again this week. In West Africa, the 130,000 mt Nigeria/UK Continent voyage (TD20) fell by 9 points to WS85.44, meaning a daily round-trip TCE of $29,866. The TD27 route (Guyana to UK Continent basis 130,000 mt), dropped by 6 points to WS85.25, which translates into a daily round trip TCE of $29,478 basis discharge in Rotterdam. For the TD6 route of 135,000 mt CPC/Med, another 6 points were extracted from owners to settle the end of the week at WS96.75 (showing a daily TCE of $31,200 round-trip). In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) is assessed 4 points lower than a week ago, at WS93.11.

Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent (TD7) fell about 3 points to WS125 (giving a daily round-trip TCE of a little over $28,100 basis Hound Point to Wilhelmshaven).
In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean (TD19) has steadied and settled at the WS121.5 mark (basis Ceyhan to Lavera, that shows a daily round trip TCE of about $25,730).
Across the Atlantic, the market spent yet another week in decline. Rates for the 70,000 mt East Coast Mexico/US Gulf (TD26) route and the 70,000 mt Covenas/US Gulf (TD9) route fell 11-12.5 points each to the WS132 level, showing a daily round-trip TCE of about $23,800 and $25,400, respectively. The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) dumped 26 points to WS133.89 (a round trip TCE basis Houston/Rotterdam of $27,248 per day).

Source: Baltic Exchange