On the wet side:
The tanker reports indicate a further sliding of VLCC’s in the AG. Depending where you are from the AG refers to the Arabian Gulf or the Persian Gulf, take your pick. All the same, the big girls have fallen over 10% today to world scale 32-33 for a rough TCE of $12,300. Not too good, we say. Scooting around the Med, the Aframaxes also slid to around $23,400. The bright spot continues to be the Suezi’s attaining quotes over $38,450.
The product carriers are feeling weak sentiment in the Atlantic Basin with triangulated routes closing at $11,700. The MR routes, especially USG>Europe tanked hard with that route dropping almost 19% since yesterday. In all fairness they did well last weak with the Atlantic up over 83%.
Our long time friend Robert Perri of Axia Capital Markets puts out a fine weekly report. If you are wondering where you know that name from…Robert was the CFO of Paragon before venturing off to explore other opportunity. Some takes from the report;
Rob points out the flight of the Suezmaxes that are up 191% from last week. Product tankers LR2 down 36.4% from last week. LR1 down 15.5% in the same week. Yucky