All eyes are turning to April’s crude loading dates in the Middle East after a cooling of VLCC spot bookings.
A very busy early part of last week saw the fixture flurry continue, with charterers securing vessels for liftings 20 days ahead.
Shipbroker BRS said rates were rising for each successive fixture.
Middle East Gulf to China rates increased to Worldscale 75 from WS 70, with owners remaining firmly in the driving seat.
Then demand slowed to finish the week, and charterers worked cargoes privately, bringing levels down to WS 69.
The Baltic Exchange quoted $48,100 per day for runs into China on Monday, up 15% over the past seven days.
But Frontline’s 299,000-dwt Front Defender (built 2019) was reported on subjects for a 57-day voyage, including idle days, to China at $55,000 per day.
The charterer is Shenghong Refining & Chemical, according to Tankers International.
Bahri’s 300,000-dwt Sanam (built 2020) managed $82,000 per day from the US Gulf to China from Unipec.
With the tonnage list “not overly long, it appears we are now at the bottom and things are looking up”, BRS said.
UK shipbroker Howe Robinson Partners added: “As expected, we saw a quiet end to the week just gone. The majority of the final-decade stems from the Middle East Gulf look done.
“This will leave charterers with the whole week to finalise the last few liftings before we see April dates released, which is not likely until earliest the end of this week.”
Howe Robinson believes Saudi Arabian cargo nominations are more likely early next week, however. The Western market is said to be “ticking over” and “not adding much to the party”.
The broker sees rates as potentially remaining flat or soft until these April dates begin to be fixed.
