Another positive week for the Middle East Gulf as rates firmed six points to WS 96 for 270,000mt to China. Going west, 280,000mt to US Gulf was assessed 2.5 points higher, around WS 42.5 if Cape/Cape. West Africa to China basis 260,000mt climbed 10.5 to WS 100, while Indonesia discharge fixed at both WS 100 and WS 105.
Increased tonnage availability prompted a 17.5-point drop to WS 127.5 for 130,000mt to UKContinent. Black Sea/Mediterranean rates weakened 10 points to low-mid WS 160s for 135,000mt, with South Korea fixed $300,000 lower at $4.6 million.
Rates for 80,000mt in the Mediterranean firmed 15/17.5 points to the low WS 180s, while lengthy Turkish straits delays saw Black Sea rates gain 20 points to peak at WS 192.5. Tighter tonnage availability in the Baltic saw rates for 100,000mt gain 12.5 points to WS 102.5, with the 80,000mt cross-North Sea trade similarly up at WS 127.5/130. In the Caribbean, rates continued to fall, now at WS 135, down 35 points for 70,000mt from Venezuela to US Gulf.
An encouraging week for owners saw rates in the 75,000mt Middle East Gulf/Japan market climb 35 points to WS 155, with 55,000mt fixed at WS 140, but with owners now asking closer to WS 170 with the pressure still on. Another busy week, and a thinning tonnage list saw runs from the Continent/Baltic to USAC firm, with the last fixed 40 points higher at WS 182.5 for 37,000mt. The 38,000mt backhaul trade from US Gulf enjoyed another positive week, gaining 17.5 points to low WS 170s.
Source: The Baltic Briefing