Although there were stratospheric rates seen on subjects last week, charterers did not lift subjects on a large proportion, thus regaining some control and forcing owners to kowtow.
The attack on Saudi Arabia led to volatile bunker prices and owners capitalised on this with Middle East Gulf rates for 280,000mt to US Gulf basis Cape to Cape now being rated up four points at WS 31 level, whilst 270,000mt to China gained around 15 points to WS 69 region.
Middle East Gulf rates to Eastern destinations lost the five to six points gained a week ago, leaving 270,000mt to China at WS 60 level, whilst 280,000mt to US Gulf, basis Cape to Cape, eased two points to WS 28.
Rates in the Middle East Gulf continued an upward trajectory, with 270,000mt to China at WS 66, up about five points and 280,000mt to the US Gulf, basis Cape/Cape, rated at WS 30, an increase of three points.
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.