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June 20, 2018

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Dirty Tankers East of Suez Commentary

New York (Platts)--08Mar18/0745 pm EST/ 0045 GMT

Trading sentiment continued to weaken for the Asian VLCC tankers as lower fixture rates were heard on the day amid a steady flow of fixing activity, shipping sources said. Long tonnage woes continued to haunt owners, as modern well-approved vessels accepted lower rates levels to compete for cargoes, sources said. "There are activities but the rates are not moving up because of the tonnage available," a charterer said. In fixtures heard, Chinese charterers placed vessels on subjects for PG-China voyages at rates ranging w34.5-36 basis 270,000 mt. Shipping sources said HOB placed the Athenian Harmony on subjects for a PG-Korea voyage, loading March 21-23, at w33 basis 270,000 mt. The key VLCC PG-Japan rate was assessed down w1.5 to w34 basis 265,000 mt Thursday. A higher fixture rate was heard for the Asian Suezmax tankers, market sources said. Chevron was heard to have placed the Almi Horizon on subjects for a PG-East voyage, loading March 23, at w70 basis 130,000 mt. The Suezmax PG-East rate was assessed up w5 to w670 basis 130,000 mt, and the PG-UKC rate was assessed flat at w34.5 basis 130,000 mt Thursday. The Asian Aframax market was under pressure from lower fixture rates, long tonnage, and sparse demand, shipping sources said Thursday. In fixtures heard, GS Caltex placed the Pytheas on subjects for a Bintulu+Dumai-Yeosu voyage, loading March 18-19, at w79.5 basis 80,000 mt. Ampol was heard to have placed the Kara Sea on subjects for a Kerteh+1-Brisbane voyage, loading March 19-20, at w80 basis 80,000 mt. The key Aframax Indonesia-Japan voyage was assessed down w0.25 to w79.75 basis 80,000 mt and the Aframax PG-East rate was assessed flat at w80 basis 80,000 mt Thursday. Soft sentiment was heard for the Asian MR tankers after lower fixture rates were achieved this week, market sources said. Petrochina was heard to have placed the PTI Phoenix on subjects for a Singapore to mid-China voyage, loading March 21, at $415,000. Sources said Chimbusco placed the Magic Wand on subjects for a similar voyage and rate, for a cargo loading March 16-20.


Trends

Persian Gulf-Japan VLCC 265kt


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Cross Med AFRA 80ktArab Gulf-Japan 55kt

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