Middle East Gulf rates initially eased, with rates for 270,000mt to China hovering around WS 52/54 region before WS 57 was agreed for ‘East’ discharge. For 280,000mt Middle East Gulf to US Gulf basis Cape to Cape the market now sits at around WS 24.5 down a shade from a week ago, though WS 26.5 was agreed for an options cargo. The market for 260,000mt West Africa to China eased modestly to WS 53.5 before recovering as ENI took Maran tonnage at WS 57.5. Hound Point to Korea went at $5.4 million, while 270,000mt US Gulf to China reportedly went at close to $6.25 million.
Rates for 130,000mt West Africa to UK Continent softened from low WS 60s to WS 57.5, with Rotterdam discharge fixed at WS 56.25. The 135,000mt Black Sea to Mediterranean trade was steady at around WS 70 level. There was a similar flat sentiment for 140,000mt Basrah to the Mediterranean, which still hovers around WS 32.5 region.
80,000mt Ceyhan to Mediterranean held at WS 72.5, with Black Sea to Mediterranean also static at WS 80. In the 80,000mt cross-North Sea trade an uneventful week saw rates stuck in the low to mid WS 80s, depending on the precise voyage. 100,000mt cargoes from Baltic to UK Continent were fixing at WS 55, with 2.5 points premium paid for voyages requiring wider short options. The 70,000mt Caribbean to US Gulf trade gained 2.5 points to WS 75 and 70,000mt US Gulf to the Mediterranean is now five points higher at WS 70.
The market for 75,000mt Middle East Gulf to Japan fell five points to WS 110 and remains under downward pressure. WS 105 was agreed for a ship with a not preferred last cargo history. The 55,000mt to Japan trade also softened, with WS 105 agreed by Idemitsu, which is a 10 point drop. In Europe a slow week combined with plenty of tonnage saw rates drop 12.5 points to WS 90. Similarly in the backhaul 38,000mt US Gulf to UK Continent trade, rates fell 10 points to very low WS 80s.
For daily tanker market assessments from the Baltic Exchange please visit www.balticexchange.com/market-information/