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The Baltic Exchange: Weekly Tanker report

10 Ιανουαρίου 2022.



As we start a new year we’ve seen a slow take-up the new increased flat rates with most charterers and owners this week maintaining fixtures on the old flat rates.

All of the Baltic’s tanker assessments are now based on the 2022 Worldscale though. Activity is ticking over and rates have been relatively flat across the board. For 280,000mt Middle East Gulf/USG (via Cape of Good Hope) the market is assessed at WS18.5, while 270,000mt Middle East Gulf/China is now a point lower since the start of the year at W37 (showing a round trip TCE of minus $760 per day). In the Atlantic region 260,000mt West Africa/China dropped a point to WS37.5 (a round-trip TCE of $1k/day) and 70,000mt USG/China shed $20k during the recent few days to $4.83m (a round-trip TCE of $2.7k/day).




Rates have been almost static in the West this week with the rate for 130,000mt Nigeria/UKC coming off half a point since Monday to a fraction below WS55 (a round-trip TCE of $1.6k/day) and 135,000mt Black Sea/Augusta is at the midway point between WS60-62.5 (a round-trip TCE of minus $3.6k/day). In the 140,000mt Basrah/West Mediterranean market the rate has sunk about four points to WS25 after a few cargoes were covered at this level.




The 80,000mt Ceyhan/Mediterranean market softened slightly this week with rates losing four points to the WS82.5 level (a TCE of $1.5k/day). In Northern Europe rates for 80,000mt Hound Point/UKC fell seven points over the course of the last few days to WS103.5 (a TCE of $5.7k/day) and 100,000mt Baltic/UKC rates have suffered a nine-point drop to WS120 (a TCE of $31.8k/day). However, the returns are still inflated due to the need for Ice-Class vessels. On the other side of the Atlantic fortunes have fared better with 70,000mt US Gulf/UK Continent rising 16 points since Monday to WS106 (a round-trip TCE of $9.5k/day, improving significantly if calculated basis 1-way economics). On the shorter-haul markets the 70,000mt Covenas/US Gulf trip is assessed nine points higher at WS97.5 level ($3.5k/day round-tip TCE) and 70,000mt EC Mexico/US Gulf rates climbed 13 points to WS100 ($5.6k/day round-trip TCE).




The CPP tanker market has been settling out this week after the end of the year break. Subsequently almost all markets and sizes have seen rates drop, although the magnitude of which has not been uniform.

In the Middle East Gulf the LR2s of TC1 currently sit at WS98.71 a round trip TCE of $6976/day and the least impacted of the week at -WS7. The LR1s have been tested the most and TC5 55k Middle East Gulf / Japan is down 14.5 points to WS99.07 a round-trip TCE of $4126/day. On TC8 a widely reported voyage from this week at $1.625m has led the index to settle at this level for the moment. The MR run TC17 also dropped WS9.17 to WS179.58.

In the Mediterranean, Handymax vessels have been chipped away at by charterers and TC6 30kt Skikda / Lavera has come off WS10.62 to WS 186.63. The LR2s, TC15 80k Mediterranean / Japan suffered soft sentiment this week and have dropped slightly to around the $1.87m mark.

The Baltic Handymax has been the most stable market this week and TC9 30k Baltic / UK-Continent has held around the WS220 level.

On the UK-Continent, MR activity has been relatively subdued this week and plenty of available tonnage has seen rates dip. TC2 37k UK-Continent / US Atlantic Coast is currently marked at WS140.28 (-WS4.72) and TC19 37k Amsterdam to Lagos followed suit, dropping 5.36 points to WS144.64 (a round trip TCE of $9086/day). The LR1s, TC16 60k Amsterdam / Offshore Lomé are untested this week but have dropped off the back of sentiment in the region to WS105.86. In the Americas both runs have been tested down. TC14 38k US Gulf / UK-Continent is now WS 89.64 (-WS11.5) and TC18 38k from US Gulf / Brazil WS 131.79 (-WS6.32).












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