The Baltic Exchange: Tanker report - Week 49

• By The Baltic Exchange - Media Source
• Dec 13, 2023

The Baltic Exchange: Tanker report - Week 49

Clean

LR2

LRs in the MEG saw activity levels pick up this week and freight resurged optimistically. The 75Kt MEG/Japan TC1 index gained 19.17 points to end up at WS130.56. The 90kt MEG/UK-Continent TC20 run to the UK-Continent also climbed $375,000 to $3.56m.

West of Suez, Mediterranean/East LR2’s on TC15 held resolute at $3.4m all week and the TCE hovered over the $10,000/day Baltic round trip at time of writing. 

LR1

In the MEG, LR1s also saw a welcome uptick in their value this week similar to their larger siblings. The 55kt MEG/Japan index of hopped up 11.87 points to WS130.31 and the 65kt MEG/UK-Continent of TC8 climbed $46,800 to $2.82m. 

On the UK-Continent, the 60Kt ARA/West Africa TC16 index just dipped from WS205.63 to WS198.44. The Baltic round trip TCE for the run is still just under $45,000/day at these levels.

MR

MRs in the MEG recharged after having been on the ropes last week. TC17 pumped up 59.64 points to WS243.93 with the Baltic TCE for the run climbing by 75% to $27,588/day round trip. 

UK-Continent MRs took a downturn this week, with some attributing celebrations of the season in London as a factor. The 37kt ARA/US-Atlantic coast of TC2 dipped from WS211.25 to WS193.75. On a TC19 run (37kt ARA/West Africa) the index, by comparison, lost just five points to WS232.81. Baltic round trip TCEs for the runs are now $24,200/day and $33,100/day, respectively.

The USG MRs have seen continued action this week with plenty of open enquiry and the available tonnage in a state of flux. TC14 (38kt US-Gulf/UK-Continent) danced around a little but ultimately added 9.64 points to currently be marked at WS268.93. The 38kt US Gulf/Brazil on TC18 was a bit more assured in its direction and the index went from WS350.71 to WS377.86. A 38kt US-Gulf/Caribbean TC21 trip stepped up from $1.74m to $1.81m.

The MR Atlantic Triangulation Basket TCE ultimately climbed from $57,821 to $58,239.

Handymax

In the Mediterranean, Handymax’s have stabilised this week at WS265 with demand and supply balanced for the moment.

Up in northwest Europe, the TC23 30kt Cross UK-Continent ticked up for the second week in a row, adding 23.33 points to WS213.61.

VLCC

The market has been relatively flat this week, with rates from the Middle East sideways, and slightly softer in the Atlantic. For the 270,000 mt Middle East Gulf to China route, the value is unchanged at WS66.5, which corresponds to a daily round-trip TCE of just over $48,747 basis the Baltic Exchange’s vessel description, although this is actually about $3,000/day greater than a week ago. The 280,000 mt Middle East Gulf to US Gulf trip (via the cape/cape routing) is still assessed around the WS35-36 level.

In the Atlantic market, the rate for 260,000 mt West Africa/China is now a point off from last Friday’s number at WS66.4 (which shows a round voyage TCE of $49,961/day, about a $1,500/day increase from a week ago), while the rate for 270,000 mt US Gulf/China fell $188,889 to $9,511,111 ($44,290/day round trip TCE, an increase of over $1,000/day), while overnight there are reports of a traders relet on subjects to another trader at $9,350,000.

Suezmax

Suezmaxes in West Africa firmed a little this week with assessments for 130,000 mt Nigeria/UK Continent route climbed four points to WS102.73 (a daily round-trip TCE of $41,010). In the Mediterranean and Black Sea region, the 135,000 mt CPC/Med route rose one point to WS137.5 (showing a daily TCE of $65,723 round-trip). In the Middle East, the rate for 140,000 mt Middle East Gulf to the Mediterranean dropped a point to WS67.

Aframax

In the North Sea, the rate for the 80,000 mt Cross-UK Continent route slipped about 2.5 points to WS142.14 (showing a round-trip daily TCE of $45,996 basis Hound Point to Wilhelmshaven). In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean dropped 12 points to WS136 (basis Ceyhan to Lavera, that shows a daily round trip TCE of $35,745).

On the other side of the Atlantic, the market has continued in a downward direction. The rate for 70,000 mt East Coast Mexico/US Gulf (TD26) has fallen 40 points to WS138.13 (a daily round-trip TCE of $29,543) and the 70,000 mt Covenas/US Gulf rate has shed 32 points to WS134.38 (a round-trip TCE of $27,359/day). The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent has been weakened by 17 points to WS159.06 (a round trip TCE basis Houston/Rotterdam of $38,597/day).

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• # Maritime Transport