Rates have remained static in the Middle East Gulf, hovering around the low WS 50s for 270,000 tonnes going long east. A smaller 260,000 tonne cargo is said to have been fixed by KPC to Taiwan at WS 53. For 280,000 tonnes to US Gulf, rates have been flat at around WS 25 basis cape/cape.
It is a similar story in West Africa with the market steady at around WS 55 for 260,00 tonnes to China, although brokers feel there is potential for rates to increase here very modestly. A short run from West Africa to Durban is said to have been fixed at WS 70, basis 260,000 tonnes. In the North Sea, fuel oil from Rotterdam to Singapore has been fixed at between $2.75/2.85 million, while Hound Point to South Korea was fixed at around $4.1m on British Vantage. In the Caribbean, rates to WC India are still hovering around $3.1 million with Singapore assessed largely unchanged at around $3.6 million. GSC are understood to have paid $4.325 million for US Gulf to South Korea.
An uneventful week in West Africa has seen the market steady at between WS 62.5/65 region while South Africa discharge was fixed at WS 82.
Black Sea rates for 135,000 tonnes to the Med have nudged up around four points to WS 75. ENOC fixed 130,000 tonnes from Algeria to USAC at WS 54 while Lord Energy are understood to have paid $1.425 million from Algeria to Singapore. A voyage from Libya to Singapore went at around $1.5 million.
Another grim week for owners plying their trade in the Mediterranean has seen rates drop further with cross Med now being fixed at around WS 75 despite increased activity from Libya, while Black Sea saw several fixtures at WS 70, all basis 80,000 tonnes cargo.
The Baltic has been under pressure from a lengthening tonnage list and rates for 100,000 tonnes to UK Cont have eased around 2.75 points to WS 62.5 level. In the 80,000 tonnes cross North Sea trade, rates have nudged up to low/mid WS 90s with Sullom Voe load understood to have fixed at WS 100 level.
There has been no respite for owners in the 70,000 tonnes Caribs up coast market. The short week has led to a longer tonnage list and rates have dropped a further seven-eight points to very low WS 80s.
It has been a difficult week for owners on the Continent, with rates for 55,000 tonnes ARA easing from WS 112.5 with reports of Chevron paying WS 102.5 as aframaxes offer cheaper alternatives. Skikda to US Gulf has similarly come under pressure with panamax rates at similar levels.
Rates in the Middle East Gulf for 75,000 tonnes to Japan have continued their upward move with the market gaining five points to WS 95 while in the 55,000 tonnes AG/Japan trade, rates have been steady at WS 120.
After an initial dip in the 37,000 tonnes Cont/USAC trade where rates slipped to low/mid WS 120s, a subsequent uptick in demand saw rates recover lost ground and presently sit back in the very low WS 130s with potential for further firming on the back of a lack of ballasters from USAC and uncertain itineraries on the Continent. In the 38,000 tonnes back haul trade, rates came off quickly with the market now close to WS 100 in contrast to the WS 127.5 region of a week ago.
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