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May 27, 2018

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Dirty Tankers West of Suez Commentary

New York (Platts)--02Jan18/0745 pm EST/ 0045 GMT

In the West of Suez clean tanker market Tuesday Suezmax prices softened as the cargo list was very thin in West Africa, while VLCC owners welcomed the re-opening of the UK's Hound Point terminal. Trading was slow to start, with prices assessed by S&P Global Platts reflecting a lot of change as Worldscale 2018 flat rates came into effect. However few deals had been concluded on these new rates yet and the change may take time to filter through, sources said. "The Suezmax market is very slow so far, there is no obvious sign of a switch to Worldscale 2018 flat rates, but it can take weeks," said a shipbroker. The West Africa to UK Continent Suezmax route, basis 130,000 mt, was valued at w77.5, w2.5 lower, basis Worldscale 2017. Sentiment was bearish though as the cargo count was low for January, with around 12 cargoes left for January 10-20 dates, sources said. "The Northern Handysize market is still firm but Mediterranean is definitely looking softer, even though the list isn't massive, because there is very little cargo," said another shipbroker. The cross-Mediterranean Handysize route was assessed flat at w180, basis Worldscale 2017. The Hound Point terminal had now re-opened as the pipeline feeding it became fully operational over the weekend. Thirteen cargoes were deferred from December into January along with 12 from January into February, but loading had now resumed, sources said. The Hound Point-East VLCC route, basis 270,000 mt, was assessed flat at a $4.2 million lump sum.


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Cross Med AFRA 80kt


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