Wet Bulk Update:
Looking at the crude tanker rate assessments today the best performers continue to be the Suzi’s. The Suezmax WAFA > Europe jumped up almost 10% while cross-Med runs are quoted around $48,700. The big ladies (VLCC) are moderately down or unchanged. On the Aframax routes AG > S.E.Asia gained over 6% (~$8,300).
The MR class took a hard knock today with USG > Europe down almost 30% since yesterday. MR’s on the Atlantic Triangle also dropped over 10% with rates quoted around $9,900.
The recently flat LNG market has weakened today on slowing activity in both basins. The 160K rate dropped by $2,000 to around $35,000 while 140K followed suit also dropping about 2K$ per day.
Market Scoop: About the Suzi’s, we turn to our friends at Arctic for some background.
“Spotlight continues to shine on Nigeria – Since the return of WAF output Suezmax rates have surged ~30k/day from less than 2 weeks ago. The return of Nigeria’s most important crude grades on the back of a ceasefire agreement with Niger Delta militants broke the majority of force majeures, and has spurred owner interest to bring tonnage back into the region as Oil majors and traders reopen their loading programs.”