Clean

This week the Middle East Gulf LR2s have seen a small upturn, climbing 7.5 points to WS240 on TC1 then plateauing. The LR1s have been tested down reflected in the TC5 index dropping 28.92 points to WS256.79. We understand this has been from a glut of prompt available tonnage, amongst other factors.

The MRs of TC17 have also taken a downturn, after peaking at WS500 this time last week they have lost 43.34 points systematically over the last few days to settle at WS455.83 at time of writing. In the West, the LR2s of TC15 have ticked up again this week just climbing over the $4 million mark seemingly sentiment driven with this run still to be tested.

On TC16 the LR1s have again been stable all week in the mid WS220s and still returning $33,000 per day TCE round-trip.

On the UK-Continent, MR activity has been in full swing this week and subsequently freight levels have popped up. TC2 and TC19 have both risen 65 points across the last few days with TC2 now marked at WS336.67 and TC19 pegged at WS345.

The USG MR market has continued its charge from last week. Available and solid itinerary vessels are in short supply and TC14 has jumped up again to WS325 (+WS100) and TC18 has similarly risen WS85.84 to WS414.17. Most notably this has taken the TC18 run over the $50,000 per day round-trip TCE. The MRA TCE jumped from 37,886 to 60,395.

On the Handymax cross Mediterranean, freight levels bottomed out for TC6 at WS215 mid-week and have now taken a small upturn (+WS5.13) to end up at WS221.88 ($24,500 per day round-trip TCE).

In the Baltic, TC9 has continued along at the WS500-WS505 mark this week with the round-trip TCE still also holding at around $60,000 per day.

VLCC

VLCC rates peaked at the end of last week - steadily and slowly easing this week - however, this is likely in reaction to falling bunker prices as earnings have edged higher. For 270,000mt Middle East Gulf/China, rates lost 2.5 points to WS59 (a round trip TCE of $9,100 per day, having been just shy of $9,000 a week ago), while the rate for 280,000mt Middle East Gulf/USG (via Cape of Good Hope) slipped a single point to WS34.5. In the Atlantic, rates for 260,000mt West Africa/China slipped 2.5 points to around the WS60 level ($11,100 per day round-trip TCE, up from $10,800 last week) and 270,000mt US Gulf/China shed $37,500 to $7.44 million (showing a round trip TCE of $10,600 per day, improving from $7,600 a week ago).

Suezmax

Rates for 135,000mt Black Sea/Augusta eased 1.5 points to WS206 (a round-trip TCE of about $86,900 per day). For the 130,000mt Nigeria/UKC trip rates have been reduced by three points to WS137 (a round-trip TCE of $35,000 per day).  In the Middle East the rate for 140,000mt Basrah/West Mediterranean fell four points to about the WS78/79 level.

Aframax

The Mediterranean market improved very slightly with the rate for 80,000mt Ceyhan/West Mediterranean up a point to WS274 (a round-trip TCE of $80,000 per day). In Northern Europe the market continued its downward spiral with the rate for 80,000mt Hound Point/UK Continent losing 14 points to about WS177 (a daily round trip TCE of $43,700). For the 100,000mt Primorsk/UK Continent route rates fell 11.5 points to WS218 (a round trip TCE of $67,600 per day).

Across the Atlantic, the market fell heavily. For 70,000mt EC Mexico/US Gulf rates collapsed 76.5 points to WS223 (a round-trip TCE of $39,700 per day), while in the 70,000mt Caribbean/US Gulf market, the rate was pared back 38 points to a fraction below WS210 (a round-trip TCE of about $31,600). For the Transatlantic trip of 70,000mt US Gulf/UK Continent, the rate has also dropped 37 points to the WS202.5 level ($30,300 per day round-tip TCE).