Updated commentary on last week.

Catogory : Market Report

A lacklustre week 35 comes to a close, where the sheer weight of excess tonnage has once again pulled this market down. The truncated week started at 30 x ws 130 ex Black Sea and ws 120 X-Med.

Many thought this was the bottom of the market but, to Owners dismay, an additional 5 ws points was squeezed out early on and rates continued at this new low.

Enquiry levels have been pretty consistent throughout but, with nearly 20 prompt ships at one point, Owners have always been on the back foot. Looking ahead, we are unlikely to see much change on the horizon here, as tonnage is constantly recycled within a week.

MRs in the Med have once again mirrored the sentiment of their continental cousins, with Owners aspirations by the end of the week picking up.

But like often we see in the Med, a delay is seen in improvement, as so far we trail at 37 x ws 110 (105 for a vessel open in port). Expectations are that, with a fresh test, these numbers will improve.

East runs have seen increased levels of enquiry, with Jeddah achieving $700k now but, like with all things in this market, ballast tonnage could subdue Owners ideas. Further enquiry will need to be seen, if rates are going to be able to pull up.