Crude tankers’ upward momentum on the spot market slowed this week, with all three major asset classes showing more modest rate gains.
VLCCs lead the way, adding $3,254 over the course of the week to finish at $44,167 per day, according to the Baltic Exchange’s time-charter equivalent assessments.
But that was much lower than the $14,625 added last week.
Suezmaxes showed a similar flattening. The Baltic Exchange TCE assessment showed a $5,660 jump last week, but only $1,031 was added this week to finish at $59,472 per day.
“Despite plenty of anticipation this week, rates failed to see any substantial increase in the Suezmax market,” Howe Robinson said in its daily report on Friday.
“However, there remains underlying optimism amongst owners that we will see rates climb as the winter months draw closer.”
Throughout the week, the shipbroker said the market was firm in the Middle East, which had previously spurred the market upward.
That appeared to have trickled down to suezmaxes, as well, though increased inquiry for those ships did not cause a corresponding surge in rates.
The trend held for aframaxes, as well, which saw their Baltic Exchange TCE assessment jump just $983 this week to finish at $44,835 per day.
In the Atlantic, MR tankers saw a tremendous amount of volatility, finishing last week at $43,586 per day before falling to $38,345 per day on Tuesday, then rallying to finish the week at $56,286 per day, according to the Baltic Exchange TCE assessment.
The Baltic Exchange said in its weekly report that MRs in the US Gulf swung the most, while ships out of Europe saw rates nudge upward.
MRs in the Pacific dropped $4,268 to $63,227 per day.
The Baltic’s weekly report said LR2s out of the Middle East saw some declines, with route to Japan closing out the week by falling $1,728 to $48,399 per day.
LR1s followed suit, with ships on the same route falling $779 to $46,017 per day.