Charterers have been clinching spot deals for older tankers as brisk fixing activity depletes the number of available ships in the Middle East Gulf, brokers says.
But modern vessels were still landing some eye-catching contracts.
Shipbroker BRS Group said demand was sluggish at the beginning of last week, with rates under pressure, but business picked up as loading dates were covered between 10 and 20 May.
Ships were “picked off under the radar”, BRS added.
“With momentum back in owners’ favour, charterers targeted over-aged tonnage.”
This private fixing persisted into the second half of the week, thinning out the front end of the tonnage list.
The busy start to this week has pushed rates from the Middle East to China to nearly $39,000 per day, up 10% over the past seven days.
“Several owners are holding back” in expectation of higher rates, BRS argues.
VLCC pool Tankers International reported the Angelicoussis Group’s 321,000-dwt scrubber-fitted Maran Danae (built 2023) fixed on subjects by ATMI from the US Gulf to the west coast of India for a May voyage.
This will take 72 days, giving an actual time charter equivalent of more than $88,000 per day, Tankers International said.
Busier Atlantic market
Clarksons Securities said the Atlantic had been busier for VLCCs.
“With the position list in the west contracting, owners are optimistic for higher rates,” it said.
UK shipbroker Gibsons said a clear-out of early tonnage availability has encouraged owners to show more resistance on rates, especially on long Asian runs from the Middle East.
In West Africa, there were no reported VLCC fixtures, “which indicates why this area has a softer feel with tonnage starting to build up”, the London shop added.
“The market does need a fresh test to establish where exactly this zone is heading, but on today’s market a charterer would be under little pressure.”
