There has been no positive news for VLCC owners with rates in the Middle East Gulf for 270,000 tonnes to China hovering around WS 38, while going west, 280,000 tonnes cape/cape to US Gulf dropped 1.5 points to WS 17.5.
Rates in the Middle East Gulf for 270,000 tonnes to China came under renewed downward pressure with a Basrah/China run fixed at WS 37.5 while an early position of 24 February went at WS 38 to South Korea.
Status quo was largely maintained in the Middle East Gulf with 270,000 tonnes to China going at WS 39/40 region while 280,000 tonnes cape/cape to US Gulf was steady at between WS 18.5/19 although P66 did pay WS 19.5 from Basrah.
Rates in the Middle East Gulf remained under pressure with 270,000 tonnes going to China dropping three points to around WS 40, whilst going west the levels remained stagnant at WS 20 cape/cape basis 280,000 size.
Limited demand saw Middle East Gulf rates for 270,000 tonnes under renewed downward pressure, with 2011 built tonnage agreeing WS 62.5 to South Korea and China rates dropping five points to WS 64.5 region basis 270,000 tonnes.
Middle East Gulf rates for 270,000 tonnes going long east have remained steady in the low WS 70s while 280,000 tonnes to US Gulf was fixed at WS 28.5 cape/cape, although brokers feel there is potential upside.