The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 27/2 to 3/3 of 2023, to provide information on the tanker market performance.
ccording to Baltic Exchange reports, highlights of Clean, VLCC, Suezmax, Aframax include:
- The Middle East Gulf has been stable by comparison to recent weeks.
- West of Suez LRs have also been sedate this week.
- UK-Continent MRs have been a little quieter this week, possibly due to International Energy Week in London monopolising people’s attention.
- On the Handymax front, TC6 has suffered from limited enquiry and the index has dipped 47.5 points to WS184.38. Similarly, on the UK-Continent, TC23 has shed 71.25 points to WS180.63.
- The US Gulf MR Market continued to demonstrate the volatile nature it has been displaying of late.
- The VLCC market had a positive week with rates (and earnings) improving on all routes.
- For the 270,000mt Middle East Gulf to China voyage the rate recovered by 3.5 points since last Friday to W70.23, which shows a daily round voyage TCE of $54,600 basis the Baltic Exchange’s vessel description.
- The rate for 280,000mt Middle East Gulf to US Gulf (via the cape/cape routing) is assessed 1.5 points higher at WS42.
- In the Atlantic market, the rate for 260,000mt West Africa/China gained three points to about WS70.5, showing a round-trip TCE of $53,700 per day.
- In West Africa, the rate for the 130,000mt Nigeria/Rotterdam voyage continued climbing and improved another seven points.
- In the Middle East, the rate for 140,000mt Basrah/Lavera is up 3.5 points to almost WS66 with available suitable tonnage remaining elusive.
- In the North Sea market, rates for the 80,000mt Hound Point/Wilhelmshaven route increased by 26 points to WS180 (a round-trip daily TCE of about $75,100).
- In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera recovered by eight points to between WS180-182.5.
- Across the Atlantic, the Stateside Aframax market continued to be propelled upwards.
- The rate for 70,000mt East Coast Mexico/US Gulf rocketed 118 points to WS405.
- For the Transatlantic route of 70,000mt US Gulf/Rotterdam, rates increased by 13 points to WS278 (showing a round-trip TCE of $83,500 per day) which may encourage some owners to ballast from Europe.