Overall rates slipped further downwards, for Middle East region 280,000mt to US Gulf via the Cape/Cape routing continues to be assessed at WS18-18.5 level. Meanwhile, rates for 270,000mt to China eased another 1.5 points to WS28-28.5 level (showing a TCE of minus $6,000/day). In the Atlantic region, 260,000mt West Africa to China saw rates similarly fall 1.5 points to WS32-32.5 level (a TCE of about minus $860/day) and 270,000mt from US Gulf to China saw rates dip a further $50,000 to $4.13m, giving a TCE of about $3,700k/day on a round-trip basis.
In the 135,000mt Black Sea/Med market rates have again remained at WS75 level ($7,300/day TCE), while the 130,000mt Nigeria/UK Continent market repeated a five-point gain to WS66 ($8,500/day TCE). The market for 140,000mt Basrah/Med remains static at the WS18-18.5 level.
In the Mediterranean a busy fixing week has enabled owners to push rates up 12 points to WS112.5 for 80,000mt Ceyhan/Lavera (basis a round voyage, about $13,900/day TCE). In Northern Europe, bigger gains were made where 80,000mt Cross-North Sea rates climbed 19 points to WS115, while rates for 100,000mt Baltic/UK Continent advanced 23 points to WS110-112.5 level. On the other side of the Atlantic, a tightening position list and an influx of cargoes gave owners the upper hand. The 70,000mt Caribbean/US Gulf market saw rates climb 30 points to WS175 (a TCE of about $29.5k/day round trip) while in the 70,000mt US Gulf/UK Continent market rates rose 15 points to WS132.5-135 level.
It has been a more encouraging week for LR tonnage where rates for 75,000mt Middle East Gulf/Japan gained around 16 points to WS91.5 region. It was also a more active week on the LR1s as rates for 55,000mt to Japan increased around 12.5 points to sit now at WS107.5, with potential to increase further. That said, bunker prices have also risen so improvements on TCEs have been only limited. The AG/East Africa MR market has continued to firm. A week ago rates were in the mid WS160s, but have since risen to now sit around WS185 level. For MRs on Cont/USAC trade, it has been uneventful with early sentiment in the week up around five points to WS120. But subsequently, despite reasonable volumes of enquiry, things eased back down again to WS115 level with a number of ships presently fixed on subjects. It remains to be seen how many get confirmed. Backhaul trade from US Gulf to UK-Continent for MRs slightly improved from mid WS60s to just below WS70 and there was a similar modest firming trend in the US Gulf to Brazil trade where rates now sit at around WS109 representing an approximate three-point gain over the week. For Continent to West Africa, rates followed the pattern of the transatlantic market and eased five points to sit now at around WS125 level. There was a sense of deja vu for Handies cross-Mediterranean with rates opening this week at WS120 region for West Med load. Repsol fixed a Spanish Med load at a competitive WS115, but brokers generally feel the market for both west and east Med load is hovering closer to WS117.5/120 region with Black Sea paying WS135.
Source: Hellenic Shipping News Worldwide