VLCC Market Is Bottoming Out

The TC1 75kt MEG/Japan index shed 99 points this week to WS1003, with the corresponding Baltic round-trip TCE falling by $33,200 to $288,700/day. For the TC20 90kt MEG/UK-Continent run, the index edged up by $43,800 to $21.86 million, corresponding to $342,700/day on Baltic round trip. The TC15 80kt Mediterranean/East index dropped by $830,000 to $11.12 million, with the Baltic round-trip TCE declining by $12,600 to $101,800/day.

The TC5 55kt MEG/Japan index fell by 94 points this week to WS1021, translating to $208,900/day on Baltic round trip. For a trip westward, the TC8 65kt MEG/UK-Continent index dropped by $303,600 to $15.99 million, while the Baltic round-trip TCE return decreased by $5,600 to $245,200/day.

The TC17 35kt MEG/East Africa index edged up by around 4 points this week to WS901, although the TCE slipped by $500 to $112,900/day. On the UK-Continent, the TC2 37kt ARA/US Atlantic Coast index shed 5 points to WS226, with the corresponding Baltic round-trip TCE falling by $1,000 to $16,600/day. In the US Gulf, the TC14 38kt US Gulf/UK-Continent index climbed by 46 points to WS496 and the round-trip TCE gained $9,300 to $73,500/day. The TC21 38kt US Gulf/Caribbean run rose by $232,100 to $1.78 million, with the corresponding Baltic TCE increasing by $13,500 to $77,900/day. The MR Atlantic Triangulation Basket TCE climbed from $77,900/day to $85,500/day.

In the Mediterranean, the TC6 30kt Cross-Mediterranean index eased by 6 points to WS523 this week, with the corresponding Baltic round-trip TCE dropping by $1,700 to $108,900/day. The TC23 30kt Cross UK-Continent index also shed 6 points to WS503, while the run’s TCE fell by $1,900 to $102,000/day.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →