Baltic Exchange: Maritime market highlights 17-24 April

The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 17-24 April 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.

Tankers – VLCC

Although the week had a slow start, Tuesday’s activity jumped with an influx of cargoes causing rates to rocket upwards. However, by the end of the week the trajectory was downwards, with heavy pressure being applied.
In the Middle East, 280,000mt to the US Gulf via the Cape to Cape routing is now rated at WS110, having peaked at WS125, this still represents an increase of about 18 points week-on-week.
For 270,000mt to China, rates peaked at WS195/197.5 level. They are currently at mid WS160s, again a rise of 15-17.5 points since a week ago.
In the 260,000mt West Africa to China market a similar story unfolded, with rates peaking at W177.5/180 level.

Tankers – Suezmax

The market for 130,000mt West Africa to the UK-Continent had a much more adventurous week than in previous weeks. Rates were rapidly firming in the early part of the week, moving 50 points to low WS180s.
135,000mt Black Sea to Mediterranean trade, with rates gaining 45 points to mid WS180s.
The 140,000mt Basrah to Mediterranean route also gained traction and moved sharply upwards, with rates now at WS155, up 45-47.5 points over the week.

Tankers – Aframax

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Rates for 80,000mt Ceyhan to the Mediterranean almost doubled, now being assessed at high WS220s, showing a gain of 120 points. In Northern Europe owners played a waiting game, which worked in their favour.
The 100,000mt Baltic to UK-Continent trade gained about 67 points to WS207.5/210 level.
Across the Atlantic the market for 70,000mt Caribbean to the US Gulf has been boosted to WS200, a rise of 75 points.

Tankers – Clean

The market in the Middle East Gulf to Japan trade for 75,000mt started the week with a relatively modest gain of just over 27.5 points to low WS270s. By the end of the week it had risen to WS500, which was reported fixed by Chevron on STI tonnage.
The LR1s followed suit, gaining just over 160 points, with last reported done here being on ‘Sunda’ to ATC at WS425. With plenty of enquiry, including period and charterers also looking for storage, the tonnage list was extremely tight.
In the 37,000mt UK-Continent to US Atlantic Coast trade, rates more than doubled, with the market now hovering around WS425, with Baltic to West Africa fixed at WS450.
Rates in the 38,000mt backhaul trade from the US Gulf to UK-Continent firmed from WS112.5 at the start of the week to sit now in the low WS260s.

Bulk Carriers – Capesize

The Capesize 5TC peaked early in the week at $10,081, before gains were gradually eroded down to $8,381 by Friday.
West Africa and Eastern Canada to China were also notable on fronthaul activity.
The Brazil to China C3, while active, shed over $1.60 to settle down at $10.505.

Bulk Carriers – Panamax

Trans-Atlantic demand has failed to deliver again despite some increased activity from North Coast South America.
In Asia further falls were witnessed, and despite cargo volume remaining steady week on week, the tonnage count began to build.
This counter balanced charterer’s standpoint, and consequently lower bids, with $6,500 being agreed on an 80,000dwt ship for a North Pacific round.

Bulk Carriers – Supramax/ Ultramax

From the Atlantic, a 63,000dwt ship was fixed for a trip delivery US Gulf, redelivery China, at $13,000.
From East Coast South America a 58,000dwt ship fixed a trip to Algeria in the low-mid $6,000s.
From Asia, a 58,000dwt vessel was fixed delivery Singapore trip via Indonesia, redelivery West Coast India, at $4,500.
From the Indian Ocean, a 53,000dwt vessel fixed for a trip East Coast India, redelivery China, at $5,000 for the first 35 days then balance $7,500.

Bulk Carriers – Handysize

East Coast South America coastal trips were reported at the level of $3,000 to $4,000.
Inter-Mediterranean trips were at rates in the mid $4,000s.
For a mid-large sized delivery in the Black Sea, a trip to the US Gulf paid in the range of $4,000 to $5,000 and slightly higher level for redelivery in the Continent.

The full reports are available on Baltic Exchange’s website, under related category. Namely, the Baltic Exchange information is based on assessments made by a global panel of shipbrokers, covering voyage and timecharter rates for capesize, panamax, supramax and handysize bulk carriers; VLCC, aframax & MR tankers, LPG and LNG vessels as well as forward assessments, vessel values, market reports & fixtures and demolition values.