According to the Baltic Exchange’s Weekly Market Roundups published on May 19, 2023:
CLEAN
LR2
LR2’s took another tumble in the MEG this week, with not enough activity to keep freight levels from dwindling. TC1 took a 33.12 point hit to WS118.13 and run west on TC20 shed $142,000 to $3,557,000.
West of Suez, Mediterranean/East LR2’s saw another week of sedation, dropping the index another $233,000 to $2,700,000.
LR1
In the MEG, LR1’s began to slip as well this week. TC5 has come off 15 points to WS161.07 and a trip to the west on TC8 lost $167,000 to $3,199,000.
On the UK- Continent, TC16 saw just enough market movement to keep the index hovering around the WS112.5 – 115 mark.
MR
MEG MR’s took a major correction down this week. The TC17 index came off WS62.85 to WS264.29.
UK-Continent MR’s continued to trundle along at what looks to be the bottom of the market at the moment. Suffering from a glut on available tonnage TC2 dipped and incremental 1.66 points to WS125.56 and similarly TC19 dipped 2.15 points to WS135.71.
Much like their sisters trading in the UK-Continent, USG MR’s continued along the bottom this week despite what appeared to be a lot of off market fixing. TC14 is still pegged in the low WS80’s and TC18 in the mid WS140’s. A run to the Caribbean on TC21 managed to hold on a shade over the $500,000 mark.
The MR Atlantic Triangulation Basket TCE dropped from $14,525 to $13,745.
Handymax
Charterers chipped away at Mediterranean Handymax’s this week. The TC6 index dipped from WS150 to WS141.56 with reports of WS140 currently on subs cross Mediterranean.
Up on the UK-Continent the TC23 looks to have reached a floor of WS115 for the moment. Much lower and TCE for this run could go negative (it is currently $634/day round trip for a Baltic description vessel).
VLCC
The rate for 280,000mt Middle East Gulf to US Gulf (via the Cape/Cape routing) is now assessed 2.5 points higher than a week ago at WS34.78, while the rate for 270,000 mt Middle East Gulf to China rose seven points to WS49.73 (a round trip TCE of $27,500 per day basis the Baltic Exchange’s vessel description).
In the Atlantic market, the rate for 260,000mt West Africa/China rose eight points to WS54.95, which shows a daily round voyage TCE of $35,300. Although the US Gulf arena has not been as busy as last week, rates have, since last Friday, firmed by $1,272,223 for 270,000mt US Gulf/China, which is now assessed at a little over $8,500,000 ($37,200 per day round trip TCE).
Suezmax
The Black Sea and Mediterranean markets firmed again this week with the rate for 135,000mt CPC/Med rising almost a further six points to WS133.17 (a round trip TCE of $61,600 per day).
In the Atlantic region, the West African market was again busy. Rates peaked on Wednesday but have fallen back since. For the 130,000mt Nigeria/Rotterdam market, having risen to WS133, is now on a downward trend and assessed at WS129.75 (a round trip TCE of $59,400 per day) – still 11 points up on assessments a week ago. In the Middle East, the rate for 140,000mt Basrah/Lavera made a mediocre gain of 1.5 points to WS72.38.
Aframax
In the North Sea, the rate for the 80,000mt Hound Point/Wilhelmshaven climbed about eight points again to sit between the WS152.5-155 mark (showing a round-trip daily TCE of $56,800).
In the Mediterranean, the rate for 80,000mt Ceyhan/Lavera rose 24 points, with owners able to pile on pressure with a reduced list of available tonnage, to be assessed now at WS190 (a daily round trip TCE of $65,500).
Across the Atlantic, the Stateside Aframax market peaked on Tuesday and falling off since then, enabled by a few ballasters from Europe arriving after 27 May. The rate for 70,000mt East Coast Mexico/US Gulf rose to the height of WS405 and has now slipped back to WS398.75, a week-on-week fall of two points, with a corresponding TCE of about $154,500 per day round trip. Meanwhile, the rate for 70,000mt Covenas/US Gulf rose five points to WS380 earlier in the week but has settled back to last week’s level, showing a round trip TCE of about $131,000 per day.
For the trans-Atlantic route of 70,000mt US Gulf/Rotterdam, the rate having risen to WS282 on Tuesday has slipped back to WS270 (a round trip TCE of $82,900 per day), which is still a seven point improvement from a week ago.
