Rates slid again as the market continues its return to ‘normality’. 270,000mt Middle East Gulf (MEG) to China is now at WS 80, down 10 points, while 280,000mt MEG to US Gulf (USG), basis Cape to Cape, has fallen to WS 48.5 level, down five points for the week. In the Atlantic basin, a similar fall has been seen, with rates for 260,000mt West Africa to China now in the low WS 80s, while 270,000mt USG to China has come down about a million dollars to just below $10m.
Further rate reductions have been seen this week with 130,000mt West Africa to UK Continent (UKC) shedding another 20 or so points to WS 90 level. 135,000mt Black Sea to the Mediterranean lost over 20 points to now sit around WS 117.5-120. Rates for 140,000mt Basrah to the Mediterranean fell another 20 plus points over the week to WS 47.5 level.
A lack of confidence from owners, as a result of limited demand and a populous position list, has caused rates to further decline. In the Mediterranean 80,000mt Ceyhan to the Mediterranean lost another 10 points to low WS 90s, while the 80,000mt North Sea to UKC trade saw rates fall back five points to WS 95. On the other side of the Atlantic, rates nosedived, with owners relinquishing 45 points on the 70,000mt Caribbean to USG trade to WS 125 level, whilst rates for 70,000mt USG to the Mediterranean fell over 50 points to WS 107.5.
Another slow week in the 75,000mt Arabian Gulf (AG) to Japan trade has seen rates lose over 30 points, with last fixed here at WS 120 and the market remaining under downward pressure. The LR1s are now assessed in the low to mid WS 140s although last actually reported agreed here was at WS 152.5, basis 55,000mt.
In the 37,000mt Continent to US Atlantic Coast (USAC) trade, a surfeit of tonnage saw rates sliding 20 points to WS 135. It was a better week for owners in the 38,000mt USG to UKC backhaul trade, with rates firming 13 points to around WS 122.75.
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