Clean

In the Middle East Gulf this week the LR2s have been subject to supply outstripping demand. TC1 has dropped 6.13 points to WS233.25. TC20, after peaking at $4.75m midweek has dropped back to $4.69m at the time of writing. The LR1s have been a bit better balanced than the LR2s this week. TC5 bottomed out around WS255 midweek and has since risen back up to WS265. On a trip west, TC8 similarly levelled off at $3.6m and has since rebounded a little to settle around $3.8m by end of the week.

The MRs of TC17 faced a major retest down this week losing 97.5 points to WS345. Despite this they are still making over $30k /day round trip TCE at these levels.

In the West, the LR2s of TC15 have remained flat and untested all week. The TC15 index has subsequently hovered around $4m all week.

On TC16 the LR1s have been stable all week with WS230 repeated a couple of times.

On the UK-Continent MRs have seen a shortage of ships and continued enquiry this week, fueling the fire for firming sentiment from owners. Charterers are reported to have been looking at bigger and smaller sizes to douse the flames. TC2 is currently marked at WS350.56 (+5.56) and TC19 WS362.14 (+10.71).

The USG MR market has again stolen the show with both owners and charterers pushing into second half August. TC14 has jumped up WS369.17 (+WS44.17) and TC18 has similarly risen WS59.17 to WS475. This takes the routes rout trip TCEs to $43.7k and $62k respectively.

On the Handymax cross Mediterranean freight levels limbed again and TC6 rose 32.82 points to WS258.13 taking the TCE back over the $30k/day round trip.

In the Baltic TC9 has continued along at the WS500-WS505 level this week.

VLCC

VLCC rates continued the slide seen last week, although falling bunker prices are still having a positive effect on earnings. For 270,000mt Middle East Gulf/China, rates lost another 1.5 points to WS57.5 (a round-trip TCE of $13,200 per day, up from $7,400 per day last Friday) while the rate for 280,000mt Middle East Gulf/USG (via Cape of Good Hope) eased two points to WS32. In the Atlantic, rates for 260,000mt West Africa/China are 1.5 points lower than a week ago at around WS58 ($15,100 per day round-trip TCE, having been just below $10,000 per day at the end of last week). 270,000mt US Gulf/China shed $231,250 to $7.175 million (showing a round trip TCE of $14,300 per day, an increase of $5,600 per day since last Friday).
 

Suezmax

Rates for 135,000mt Black Sea/Augusta fell heavily this week, losing 26 points to a fraction below WS182 (a round-trip TCE of about $71,100 per day) while for the 130,000mt Nigeria/UKC trip rates fell a comparatively meagre 4.5 points to the WS130 level (a round-trip TCE of $32,900 per day). In the Middle East, the rate for 140,000mt Basrah/West Mediterranean continued to fall, losing a further eight points to the WS67.5 level.
 

Aframax

The Mediterranean market dropped almost 20% this week with the rate for 80,000mt Ceyhan/West Mediterranean falling 52 points to just below WS222 (a round-trip TCE of $57,600 per day). Conversely, in Northern Europe the market recovered recent lost ground, as the rate for 80,000mt Hound Point/UK Continent gained 16 points to about WS187.5 (a daily round-trip TCE of $52,800). For the 100,000mt Primorsk/UK Cont route rates improved by a modest five points to between WS220-222.5 (a round-trip TCE of $71,000 per day).

On the other side of the Atlantic, the market steadied this week after a sharp rise last Friday. For 70,000mt EC Mexico/US Gulf rates marginally improved two points over the week to WS250 (a round-trip TCE of $51,500 per day). In the 70,000mt Caribbean/US Gulf market, the rate eased a single point to WS244 (a round-trip TCE of about $45,200). For the transatlantic trip of 70,000mt US Gulf/UK Continent, the rate rose 7.5 points to the WS242.5 level ($44,400 per day round-tip TCE).