In all areas the market has firmed significantly with Middle East Gulf to Singapore for 270,000 tonnes now reported covered at WS 48.5 and China discharge at WS 45, representing gains of over 13 WS points since the start of the week. Going west, the increase has been more modest but 280,000 tonnes to UK-Cont has been fixed at WS 23.5 basis Suez/Suez routing, up two WS points .
Rates from West Africa to China also benefited and gained WS four points with both WS 43 and WS 44 having been agreed.
Off the Continent, Hound Point to Korea has been fixed at $5.8 million and fuel oil from Rotterdam to Singapore has been covered at $4.3 million.
West Africa rates started the week at WS 55 for Europe discharge, but a lack of enquiry for suezmaxes saw rates drop to WS 50 before a flurry of enquiry, encouraged by the low rates, saw things stabilise and have even crept back up to WS 52.5 with a number of cargoes outstanding.
In the Black Sea, it has been a slow week with Gazprom and Unipec reported to have paid around WS 62.5 for 140,000 tonnes, while a fuel oil cargo to Singapore is understood to have been covered at around $3.0 million. A 130,000 tonnes cargo from Algeria to UK-Cont is said to have been fixed at WS 60.
Despite an active week in the Mediterranean, the surfeit of tonnage has left rates unchanged, holding around WS75/77.5 depending on the voyage.
In the Baltic, it is a similar story to the Mediterranean where healthy levels of enquiry have been counteracted by plentiful tonnage, seeing rates eventually dip from WS 75 down to barely WS 70 level, while in the North Sea/UK-Cont trade, rates for 80,000 tonnes have been steady at WS 97.5 although brokers feel there are owners who would potentially consider marginally less now.
The Caribbean/up coast trade has seen an active week where the market for 70,000 tonnes regained lost ground to presently sit around WS 97.5, representing a gain of WS 17.5 points from a week ago.
It has been another disappointing week for owners with the Caribbean/USA panamax market still weak with WS 75 reported for 50,000 tonnes going upcoast. This has led to tonnage ballasting over with rates for 55,000 tonnes from ARA to US Gulf hovering around WS 87.5.
The market for 37,000 tonnes from Continent to USAC has held steady at WS 125 throughout the week while the backhaul trade for 38,000 tonnes has benefitted from an active week and subsequent tight tonnage list to firm around 15 points to sit now at WS 80 level.
For daily tanker market assessments from the Baltic Exchange please visit www.balticexchange.com/market-information/