It has been a lacklustre week for VLCCs as rates softened from about WS 37.5 at the end of last week for trips from the AG to the east to the low WS 30’s’ today. Rumours have now been circulating that something under WS 30 may be on subs. The optimists out there are hoping that these levels may drag a few cargos out into the open. The Atlantic markets have mirrored the East to a certain extent where West Africa/China cargoes have been concluded in the low WS 40s.
A fairly quiet week in West Africa where rates have slipped slightly from the low WS 70s last week to just under WS 70 today for a West Africa/UK-Cont voyage. On the surface a busier week from the Black Sea although some ‘replacement’ activity may have given some substance to the market. As the week closed Black Sea/Mediterranean business was being discussed at around the WS 70 level.
A flat week for the North Sea/UK-Cont market as rates hovered more or less unchanged at around the WS 100 mark. Cargoes from the Baltic to the UK-Cont have also been fairly static at around WS 75. The cross Mediterranean market was soft as rates declined from the low WS 100s a week ago to around WS 95 at the end of the week. Fairly lengthy tonnage lists in the area would not indicate any recovery in the immediate future.
The UK-Cont/transatlantic markets have remained more or less unchanged over the week around the WS 115/120 mark. An uneasy week for the US Gulf/Continent market where rates dropped rapidly to around the WS 80 mark by the close of the week.
For daily tanker market assessments from the Baltic Exchange please visit www.balticexchange.com/market-information/