Since last week’s attacks in the Gulf of Oman political tensions remained high, leading owners and charterers trying to determine practical ways to continue fixing in the Middle East Gulf. After a slow start, deals started emerging. Rates shifted dramatically upwards, with 270,000mt MEG/China now at W51.5/52 level up about W12 points, with 280,000mt to US Gulf basis Cape/Cape assessed W4 points higher at W22-23 region. West Africa/China increased around W10 points to W50/51 for 260,000mt, while 270,000mt USG/China is now rated at $5.8-5.9m, up $800-900k for the week.
West Africa suezmax rates for 130,000mt to UKC came under heavy pressure this week, losing W10 points to W70, while 135,000mt Black Sea/Med dropped W5 points to settle at W90. Owing to the Middle East tensions, 140,000mt Basrah/Med voyage rates shot up during the week to W55-57.5 region, before easing to W47.5 which still represents a rise of 12.5 points week-on-week.
80,000mt Ceyhan/Med is now around W85, down W5 while 80,000mt Cross-North Sea eased W5 points to W87.5, and 100,000mt Baltic/UKC at low/mid W60s. Again, due to tension in the Middle East, rates there pushed up and 80,000mt AG/Singapore is now assessed at W120/122.5 level, up 12.5-15 points for the week.
MEG clean tonnage failed to apply the pressure felt on crude with rates climbing marginally over the week; 75,000mt MEG/Japan sits at W102.5/105 level, up W2.5 points, and 55,000mt AG/Japan was flat at W112.5/115 level. The best performing markets this week were in the Atlantic, with 37,000mt Cont/USAC recovering to W115-117.5 level, up about W15 points, whilst 38,000mt USG/UKC fixed at W100, up W20 points.
For daily tanker market assessments from the Baltic Exchange please visit www.balticexchange.com/market-information/