According to the Baltic Exchange’s Weekly Market Roundups published on May 12, 2023:
Clean
LR2
LR2 freight in the MEG looks to have bottomed out this week. TC1 levelled off at WS145 to then return to WS154.69 after several vessels fixed at WS150. A trip west on TC20 has ticked up $153,572 to $3,832,143.
West of Suez, Mediterranean/East LR2’s have been notable quiet this week. The TC15 index dropped $191,666 to $2,941,667, the first time the route has been sub $3,000,000 since early February.
LR1
In the MEG, LR1’s have been stable this week. TC5 has remained in the WS175-180 mark all week and west run on TC8 hovered around the £3,400,000-3,500,000 level.
On the UK-Continent, TC16 suffered from inactivity and the index dipped 16.07 points to WS117.86.
MR
MEG MR’s saw a sharp upturn this week, TC17 has shot up 68.82 points to WS317.14 giving the Baltic TCE a 122% increase to $41,782/day round trip.
Despite more activity on the MR’s in the UK-Continent this week, a glut of available tonnage has kept freight sliding downward. TC2 shed 25.28 points and is currently pegged at WS125.83 and similarly TC19 is marked at WS136.79 (-22.50).
In the US Gulf, the MR’s were retested back down this week. TC14 was quickly cut back down 15.41 points to WS84.17 after WS85 was fixed a couple of times. TC18 shed 19/17 points to WS147.08. A run to the Caribbean was also retested down to $550,000 mid-week, leading the TC21 index to where currently sits at $533,333.
The MR Atlantic Triangulation Basket TCE dropped from $21,347 to $14,164.
Handymax
Mediterranean Handymax’s were subject to diminished activity levels this week. Despite this there was just enough to hold the TC6 index at WS150 all week.
Up on the UK-Continent, the TC23 index took a 34.7 point cut to WS117.49.
VLCC
The rate for 280,000 mt Middle East Gulf to US Gulf (via the cape/cape routing) is now assessed one point lower than a week ago at WS31.39, while the rate for 270,000 mt Middle East Gulf to China reduced about seven points by midweek and rebounded two points on Thursday to be assessed now at WS40.45, giving a corresponding round trip TCE of $15,500 per day basis the Baltic Exchange’s vessel description.
In the Atlantic market, the rate for 260,000 mt West Africa/China sank to WS40 midweek but due to the firmer demand in the US Gulf & Caribbean region, drawing tonnage away from West Africa, rates have rebounded five points to be assessed at WS44.70, which shows a daily round voyage TCE of $22,300. Since publishing at this level yesterday, Chevron have been reported to have taken a Maran vessel on subjects at WS45 for West Africa to Eastern options.
A busy week in the US Gulf arena has pushed rates up $138,889 from a week ago for 270,000 mt US Gulf/China, which is now assessed at $6,905,556 ($23,900 per day round trip TCE).
Suezmax
The Black Sea and Mediterranean markets firmed this week with the rate for 135,000mt CPC/Med rising six points to WS126 (a round trip TCE of $55,700 per day).
In the Atlantic region, the West African market became busier than seen in recent weeks, while the US Gulf & Caribbean region continues to attract tonnage away, and rates rose 24 points for 130,000 mt Nigeria/Rotterdam, which now sits at WS116.5 (a round trip TCE of $50,600 per day).
In the Middle East, the rate for 140,000mt Basrah/Lavera gained further strength, rising 10 points this week to WS70.75.
Aframax
In the North Sea market, the rate for the 80,000 mt Hound Point/Wilhelmshaven route climbed 7.5 points to almost WS136 (showing a round-trip daily TCE of $42,100).
In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera remained flat at WS162.5 (a daily round trip TCE of $50,600).
Across the Atlantic, the Stateside Aframax market had charterers under pressure early on and by midweek were unable to resist the owners’ strength. Rates have gone on a somewhat meteoric rise and now the rate for 70,000 mt East Coast Mexico/US Gulf is 186 points higher than a week ago at WS380 ($145,600 per day round-trip TCE) and the rate for 70,000mt Covenas/US Gulf has risen 175 points (or increasing 100%) to WS351.25 (a daily round-trip TCE of $120,800).
For the trans-Atlantic route of 70,000 mt US Gulf/Rotterdam, the rate was catapulted 86.5 points to WS256 (showing a round trip TCE of $77,525 per day), which may start attracting tonnage ballasting from Europe if the demand continues and is not depleted by the Suezmax and VLCC activity on this route.
Tags: Africa,All Products,AlwaysFree,Americas,Asia Pacific,Central and East Europe,China,Crude Oil,English,Europe,Iraq,Middle East,NEA,Netherlands,Nigeria,US,United Kingdom,West Europe
Published on May 15, 2023 9:35 AM (GMT+8)Last Updated on May 15, 2023 9:35 AM (GMT+8)
