The July program in the Middle East Gulf is all but covered now, the slow week has seen charterers successfully chipping away at rates as the market for 270,000 tonnes going long east has lost around two points and presently sits at WS 53.75 level with short east following the same path, presently assessed at about WS 54.75. The significant rollover of tonnage going into August leaves the market under downward pressure here. Going west, the market for 280,000 tonnes cape/cape to US Gulf has drifted down almost WS 1.25 points to WS 25 region.
The brief rally in West Africa quickly fizzled out and rates for 260,000 tonnes to China are now back in the mid WS 50s representing a four to five-point drop from a week ago. In the North Sea, fuel oil from Rotterdam to Singapore was initially fixed at between $2.75/2.85 million, before Socar managed to cover on ‘Amber’ at $2.5 million. Hound Point to South Korea was fixed at $3.8million in contrast to the $4.1 million previously agreed. A ship to ship loading off Malta to Singapore is said to have been fixed at $2.85 million. In the Caribbean, ‘Olympic’ tonnage was fixed at $3.2 million to Singapore with China option at $4.3 million
The week started off in West Africa with WS 65 paid to Europe basis 130,000 tonnes cargo, but thereafter less activity led to the inevitable softening and Shell subsequently paid WS 61.25 on Triathlon. Wafrica/east runs appear settled at WS 70.
Black Sea rates for 135,000 tonnes to the Med have weakened marginally to around WS 72.5 and last seen here was Transway taking Besiktas tonnage at WS 70 basis 140,000 tonnes cargo. Black Sea to Korea was fixed at around $2.525 million while a fuel oil cargo was fixed on Eurofaith for ship to ship Kavkaz to Singapore at $1.65 million. Going west, Irving took Centrofin tonnage for 135,000 tonnes from Ceyhan to EC Canada at WS 58.
For owners plying their trade in the Mediterranean, it has been a slightly better week, as plenty of enquiry finally started eating into the lengthy tonnage list and rates moved up from mid WS 70s at end of last week to very low WS 80s with Black Sea paying between WS 80/82.5 all basis 80,000 tonnes cargo.
The Baltic has been under pressure with rates for 100,000 tonnes to UKCont hovering around WS 62.5 level, although a quoted market cargo did subsequently attract plenty of offers and is said to have been covered at around WS 58.5, highlighting the fragile state of the market. In the 80,000 tonnes cross North Sea trade, rates have been unchanged at WS 90 with Sullom Voe load paying around WS 100.
Although there was more activity in the 70,000 tonnes Caribs up coast market, rates remained flat at around WS 82.5 as the tonnage list remained well supplied
It has been another difficult week for owners on the Continent, with WS 105 fixing and failing from Continent to US Gulf with Skikda load also assessed at around this level.
Rates in the Middle East Gulf for 75,000 tonnes to Japan have been steady, hovering between WS 93.5/95 region while in the 55,000 tonnes AG/Japan trade, levels have weakened somewhat with the market now at around WS 111/112 in contrast to the WS 120 of a week ago.
In the 37,000 tonnes Cont/USAC trade, the market remains under pressure with fixing and failing leaving the tonnage list well supplied. There was a deal done from Brofjorden at WS 140 but otherwise the sentiment has been weak and the market today is assessed at around WS 130 down a couple of points from the start of the week.
In the 38,000 tonnes back haul trade, rates have continued to firm throughout the week with the market gaining around 12.5 WS points to sit now at close to WS 115 region.
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