The VLCC market saw renewed demand particularly ex MEG in the last week.
Although charterers tried to move quietly under the radar, the market
turned in favour of the owners, except ex Caribs, Fearnleys reported in
its weekly report.
The few cargoes being quoted in the open market ex MEG received limited
response, but at firm levels indicating the supply of tonnage up to 20th June is slowly, becoming less.
Presently the fixture count for June is well ahead of the total concluded at same time last month for May liftings.
Owners are counting on strong demand in the third week, as was the case
in April and May. They intend to push rates further up, but this
remains to be seen, as up to now, May has been more active than the
previous months.
Suezmaxes enjoyed a busy week with strong numbers seen in all areas.
The initial spike was created by the tight Med/Black Sea market, due to
uncertainties as vessels were tied up in French ports.
The Med/Black Sea tonnage list for vessels with firm itineraries was
short and as a result, the rates jumped up to W100 level for TD6
voyages.
In W Africa, the ‘force majeure’ active in most of the Nigerian ports
was repealed and as a result, deferred barrels entered the market. with
laycan up to 25th June. In the Baltic and N Sea areas, rates came off by a few points, mainly due to lack of activity cross North Sea.
In addition, an expected maintenance period at Primorsk added some
downward pressure on rates. “We don’t expect rates to soften
dramatically, but we could see a small downward correction,” Fearnleys
said.
Rates in the Med and Black Sea have finally stabilised at around WS115
level. Black Sea was the most active area, however, at time of writing
(Wednesday), more Med cargoes were materialising, thus adding some
upward pressure on rates. Quite a few ships still have no firm berthing
prospects, partly due to the French strikes and a slow turnaround at
Trieste.
The Trieste situation looks like it could slowly be resolved.
Consequently, we will see more ships being circulated with firm
positions, which could ease the strong momentum if charterers play the
coming day’s right, Fearnleys concluded.
Period charter rates look to be softening judging by some of the fixtures reported on brokers’ lists in the past week or so.
For example, the 1999-built VLCC ‘DS Commander’ was reported fixed to
HOB for 12 months at $35,250 per day, while unknown charterers were said
to have fixed the 2016-built VLCC ‘Landbridge Warrior’ for three years T
$35,000 per day.
Vitol was believed to have fixed the 2010-built LR2 ‘Totonno Bottiglieri’ for 12 months at $24,000 per day.
In the MR segment, HPCL was rumoured to have fixed the 2005-built ‘Jag
Pranav’ for 12 months at 17,000 per day, while Shell was thought to have
taken the 2009-built ‘MR Pegasus’ for 3-6 months at $16,750 per day and
ST Shipping was thought to have fixed the 2003-built MR ‘MTM Mumbai’
for six months at $16,000 per day.
The 2009-built Handysize ‘Atlantic Canyon’ was thought fixed to Signal
Maritime for two years with an option for a further year at $13,500 per
day.
In the S&P sector, having purchased four Handysize vessels, CP
Offen Tankschiffarts was thought to have disposed of the MRs ‘CPO Japan’
(built 2010) and the ‘CPO Korea’ (built 2009) to UK-based Union
Maritime for an en bloc price of $46 mill. This transaction may still be
on subjects.
Also on subjects were believed to be the two 2008-built MRs ‘Batissa’ and ‘Bursa’ to unknown interests for $22 mill each.
The 2011-built VLCC ‘C Elephant’ was said to have been sold to Greek
interests, believed to be involved with Minerva for about $55.6 mill.
Reported to be leaving the fleet were the 1986-built sister parcel
tankers ‘Stolt Aqumarine’ and ‘Stolt Topaz’, both reportedly sold to
Indian breakers for $270 per ldt each.
Deliveries included the fifth of five MRs sold by Scorpio Tankers to
National Chemical Carriers (NCC), a subsidiary of the National Shipping
Company of Saudi Arabia (Bahri).
The vessel was delivered on 26th May, the ownership was transferred to NCC and the tanker was renamed ‘NCC Bader’.
All five vessels were built in 2014 at Hyundai Mipo Dockyard for
Scorpio Tankers and were bought for a total purchase price of $166.5
mill earlier this year.
Elsewhere, Tristar has taken delivery of the first of six MRs from Hyundai Mipo - ‘Silver Manoora’.
They are being built on the back of long term timecharters to Shell.
Newbuildings were scarce with just two VLGCs reported ordered by NYK at Japan Marine United (JMU).
The 84,000 cu m vessels are due for delivery in January, 2019 and are priced at $75 mill, according to brokers’ reports.
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