Healthy activity combined with delays in the East saw rates climb 21 points in the Middle East Gulf to WS 80 for 270,000mt to China and Singapore and 280,000mt to the US Gulf was fixed five points higher to WS 32.5.
The Golden Week holiday prompted an uptick in enquiry with rates firming four points to WS 59/59.5 for 270,000mt from the Middle East Gulf to both China and Singapore and 280,000mt to the US Gulf now assessed around WS 23 Cape/Cape.
Rates for 270,000mt, from the Middle East Gulf to both China and Singapore, were marginally firmer at WS 56.5/57.5, and a US Gulf-bound cargo to the US Gulf done at WS 20 Cape/Cape, but now assessed at WS 21.5.
Charterers have not been under pressure in the ME Gulf as they have been drip-feeding enquiry into the market and this has led to rates easing, with CNOOC able to fix 270,000mt to China at WS 47 in contrast to WS 48/50 region last week.
Limited enquiry in the ME Gulf saw rates ease three points with Unipec taking ‘Leonidas’ at WS 54.5 for China, while Formosa paid WS 52 to Taiwan all basis 270,000mt and the market remains under downward pressure.