Middle East Gulf rates shed 11 points to WS 85/86 for 270,000mt to China, with South Korea fixed at WS 84. Going west, 280,000mt to the US Gulf went at WS 38, but is now assessed at WS 36.5/37 Cape/Cape, down six points from a week ago. West Africa to China basis 260,000mt lost eight points to WS 84.5. Hound Point to South Korea went at $7.4 million, while East Coast Mexico to West Coast India fixed at $7.1 million.
West Africa came under renewed downward pressure with rates dropping 17.5 points to WS 97.5/100 for 130,000mt to UK-Cont. Black Sea/Mediterranean rates fell 25 points to WS 130 for 135,000mt, with South Korea down $400,000 at $4.2 million.
The Mediterranean market gained 20 points, as BP fixed 80,000mt from Ceyhan to Fos at WS 205. UML subsequently agreed WS 212.5. Black Sea rates added 12.5 points to WS 215. Baltic rates for 100,000mt initially climbed 7.5 points to WS 152.5, before Total took Delta tonnage at WS 165. Cross North Sea 80,000mt rates continued to firm, with a short Sture/Slagen run fixed at WS 190. The market is now assessed at WS 195/200. There was a sharp rise in the Caribbean, with rates gaining 75 points reaching WS 210 for 70,000mt from Venezuela to the US Gulf.
Rates for 75,000mt Middle East Gulf/Japan eased 7.5 points to WS 177.5, with 55,000mt paying low-mid WS 170s, down from WS 180 the previous week.
It was another busy week on MRs, with WS 215 paid for 37,000mt, Continent/USAC, before Exxon fixed from Port Jerome at WS 207.5. The 38,000mt backhaul trade from the US Gulf eased five points to WS 200.
Source: The Baltic Briefing