Market Bulletin

 Despite lower fuel costs, VLCC earnings are down on the weak, indicating less tight market. With the light fixing chrtrs have managed to continue to chip away at rates and pick off weaker tonnage at sub market levels.

Route WS-Rate Change USD/Day Trend
1. AG - EAST 56 4 32,000 2. WAF - USG 61 1 36,000

1. WAF-AC:  Slight firming for the last decade of May with a 5 point increase, however, most of the increase in daily returns comes from the reduced bunker pricing.

2. Black Sea - Med: The Suezmaxes market finished on a quite note as May volume is now covered. W85 reported from B.Sea, and  W80 for cross med, East voyages continues to soak up tonnage. The Turkish straits experienced some fog over last weekend therefore increasing the northbound delays from 2 days to about 4 days, although southbound delays are still around 2 days.

Route WS-Rate Change USD/Day Trend
1. WAF - AC 72.5 +5 13000 2. Black Sea - Med 82.5 5 18000

1 NSEA-UKC -  Rates softened this week with limited activity.

2 Baltic - UKC ice -  As per NSEA

3 Baltic - UKC no ice -  N/A

4 Cross Med - Rates kept softening this week due to scarce activity.

5 Far East -  Rates had soften 5pts from last week, but due to softening bunker prices returns did strengthen in a falling market

Route WS-Rate Change USD/Day Trend
1. NSEA - UKC 92,5 -2,5 10,500 2. Baltic - UKC (ice class) n/a n/a n/a 3. Baltic -UKC (no ice) 75 -2,5 9,000 4. Cross Med 87,5 -2,5 8,700 5. AG - Singapore 92.5 +/- 0 4100

1. CARIBS -   Good amount of activity lately but mainly to move bbls thru the canal to WCCA and/or USWC.  Local activity on the light side but able to benefit on rates due to the west coast inquiries. 

2. FAR EAST - rates remain flat hovering ws110-112.5, but bunker falling save the day. $100 savings per mt on bunker return roundtrip to 4.9k

Route WS-Rate Change USD/Day Trend
1. CARIBS-USG/USAC 50 x 142.5 +2.5 8000 2.Indo - Japan/Korea 112.5 +2.5 4900

1. Rotterdam - New York - Decent acitivity towards the end of the week, but the position list that has been build up the last weeks is too long for it to have a major impact on rates and we are ending the week at ws 140, up 5 points from last week. Only the promt ships replacing vessel's running late have been able to obtain premiums. The bunkers have come down quite a bit bringing up daily earnings 

2. Caribs - A quiet week with little fresh cargoes being quoted. Ample available tonnage is still hanging over as a dark cloud creating a downward spiral on rates.

3. Houston - A.R.A. - (only the back haul leg) This week saw rates tumble on top of last weeks dive. A long fleetlist with prompt vessels make ship owners fight for the cargoes being quoted. There is little or no insentive for rates to increase until vessels start leaving the area.

Route WS-Rate Change USD/Day Trend
1. UKC - USAC (clean) 140 +5 7,000 2. CBS - USAC (clean) 120 -7.5 3,600 3. USG - T/A (clean) - back haul 57.5 -10 -2,500

BUNKER ESTIMATES

Port   Change USD/MT Trend
Fujairah -25 682,5 Rotterdam -21 649 Singapore -24 679