At the start of the week, rates in the Middle East Gulf went in to freefall as a combination of surplus tonnage and a light February programme took their toll.
In the Middle East Gulf, the New Year started with good activity leading to rates for 270,000 tonnes going east increasing from WS 60 to a shade above WS 70.
In the Middle East Gulf, owners have enjoyed another successful week with rates for 270,000 tonnes being covered at WS 80/83 level for Singapore-Japan respectively giving owners a return above $80,000 per day, and their highest returns of the year.
