A steady week for VLCC owners with the market holding at around WS 64/65 level basis 270,000 tonnes for long runs east from the Middle East Gulf. Charterers able or willing to take tonnage over 15 years old and secure significant discounts were evident, with the Millenium 1998 built fixing to FPCC at WS 54 for Taiwan discharge.
Going west, Valero was said to have covered 280,000 tonnes to the US Gulf at WS 37.5 with trips to UK-Cont reportedly done at WS 39 basis Suez/Suez routing.
In West Africa, Indian charterers were to the fore with the run to east coast India fixed between $6.0 and $6.175 million respectively and west coast covered at $5.25 million. Runs to China were being assessed at close to WS 65.
The Caribbean was more active with rates to Singapore firming to $6.75 million, up almost $500,000 from the start of the week.
A very active week in West Africa saw rates rise now around 25 points to close to WS 100 level. Replacement and requoted cargoes, including VLCC cargoes being split into suezmax stems helped owners build momentum.
Black Sea has benefitted from the stronger West Africa market similarly firming around 20 points with WS 87.5 the last done. Short inter Mediterranean trips were fixed at a significantly improved WS 92.5 as owners preferred to focus more on longer voyages from West Africa.
Another disappointing week for owners with prompt tonnage in the Mediterranean as rates dip further to mid-high WS 60s for both east Mediterranean and Black Sea loading. Owners looked to a firmer suezmax market resulting in stem splitting benefitting aframaxes, but this needed to be combined with a significant clear out of ships.
In the Baltic, rates for 100,000 tonnes cargoes remained steady at WS 57.5 while the market for 80,000 tonnes cross North Sea was similarly unchanged at WS 85.
The Caribbean/up coast trade saw a further rise in rates WS 110 to WS 120 and with a tight tonnage list sentiment remained positive with brokers seeing potential on the upside.
Rates for Continent tonnage remained largely unchanged with enquiry matched by available tonnage with rates at WS 87.5/90 for 55,000 tonnes from ARA to the US Gulf.
A volatile week in the market for 37,000 tonnes from Continent to USAC with slipping WS 100 at the start of the week. Charterers paid 10 points more for replacement tonnage and a non-replacement at the same rate but eased have eased back.
In the US Gulf last week’s spike up to WS 150 was short lived as rates tumbled to WS 110 for 38,000 tonnes.
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