Tankers: VLCCs Moving Higher
Clean LR2 The TC1 75kt MEG/Japan index ticked up early this week by 14 points to WS522 where it currently has been for 3 days. A voyage west, on the other hand, dropped marginally with the TC20 90kt MEG/UK-Continent index going from $9.05 million to $8.76 million. In Europe the TC15 80kt Mediterranean/East index dipped ...
This week saw tanker rates continue to remain high, with the Strait of Hormuz potentially nearing a reopening soon. The correction in rates has been sustained, as they do not appear to be supported by fundamentals. The Strait of Hormuz is expected to reopen, which may reduce fuel costs and lead to a drop in liner rates in the long run.
East Coast Mexico/US Gulf route rates have decreased further, while rates for Covenas/US Gulf route have also dropped. The transatlantic route from US Gulf to UK Continent has seen a significant plunge, resulting in a lower round-trip cost basis. Vancouver exports have faced a slight decrease in rates, while trade to the Mediterranean has seen a minor gain.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
