Charterers are continuing to secure product tankers on longer-term deals in expensive freight markets.
One broker reported “an extensive number” of time charters being concluded across all sizes of clean carriers.
Swedish owner Concordia Maritime assessed March rates at $29,500 per day for one-year deals for MR ships built after 2010, and $22,500 for three-year deals.
The company believes stronger spot rates are tempting owners to lock in ships for longer durations.
But numbers have since moved up.
The 50,000-dwt MR newbuilding Amwaj (built 2023) secured $35,000 per day for a year-long deal from Gunvor’s Clearlake Shipping.
The ship is owned by Saudi Arabia’s Bahri Chemicals.
ST Shipping is reported to have paid $34,000 per day for a one-year fix, and Weco Tankers $35,000 over the same period.
Two-year fixes were also being concluded.
The 50,000-dwt Silver Ervilia (built 2016), owned by China’s Bank of Communications Financial Leasing, is banking $30,400 per day from Petco in the US until into 2025.
A 2015-built ship was also said to have won an extension for three years at $24,100 per day.
LRs also being secured
Larger ship sizes are also in demand.
The 110,000-dwt LR2 Pacific Rawan (built 2017) was booked by trader Mercuria at $42,500 per day over two years.
The tanker is owned by China Construction Bank Financial Leasing.
Scrubber-fitted 2015 and 2016 units managed three years at $40,000 per day.
On the LR1 side, Navig8 Group’s 77,000-dwt Navig8 Martinez and 76,000-dwt Navig8 Messi (both built 2011) were said to have been taken for two years at $38,000 per day by oil giant Saudi Aramco.
And Greek owner Navios Maritime’s 75,000-dwt Nave Cetus (built 2012) was secured for the same period at $35,000 per day by Clearlake.
UK shipbroker Simpson Spence Young said that on the crude tanker side, strong spot market gains had influenced time charter rates, with some “decent” levels concluded.
A 2016-built scrubber-fitted VLCC achieved $47,500 per day for two years, with an optional 12 months.
And a relet ship was reported booked for up to four months at $102,500 for delivery in the UK.
