Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming 2.5-3 points across the board.
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.
