Wet Bulk Update:
Looking at the tanker reports the song remains the same for the VLCC class. The AG is feeling pressure from weaker than expected initial load requirements for October and a plethora of newbuildings and older tonnage bidding down rates. Suezmax rates continue to climb led by West Africa> Europe runs that are up over 15% from yesterday with rates quoted around $35,500 per day. Suez cross Med routes are settling around $42K.
The product carriers also had a disappointing day with LR2 AG>East dropping over 11% with rates falling to near $7,200. MR’s in the USG>Europe also feeling pressure declined to $4,700.
Enjoy the weekend