Trading houses have reportedly secured several eco vessels amid generally subdued trading in the period charter for tankers.
Brokers said Trafigura extended its charter for Hunter Group’s scrubber-fitted, 300,000-dwt Hunter Idun (built 2020) for up to seven months.
The first three months are fixed at $17,000 per day and the remaining period at $30,000 per day.
Many experts expect tanker earnings to remain plagued by severe oversupply in the third quarter before staging a recovery towards year end.
“With summer holidays now starting to be at the forefront of many minds, together with the ever-changing Covid rules, any hopes for a significant marked improvement during the third quarter seem to be slipping away,” Braemar ACM Shipbroking said.
In its latest monthly tanker report, consultancy Maritime Strategies International said time charter rates will “see some moderation” this quarter but forecast “a more positive market in the fourth quarter and into 2022”.
Following weeks of stalemate, Opec and its Russia-led allies agreed on a monthly crude output hike of 400,000 barrels per day from August until at least December.
This, coupled with reduced OECD crude inventories and demand recovery, will provide “the crude tanker shipping market the tailwinds necessary to slowly increase rates during the third quarter and more meaningfully in the fourth”, investment bank Jefferies said.
Separately, brokers said Valles Steamship fixed out its lone newbuilding — the 110,000-dwt LR2 Sealegend (built 2021) — to Glencore unit ST Shipping & Transport for 12 months at $22,000 per day.
The deal can be extended for another year at $24,000 per day.
The Hong Kong owner ordered the scrubber-fitted ship from South Korea’s Daehan Shipbuilding for $52m last year. It is due to be delivered this quarter.
In an earlier deal, Gunvor subsidiary Clearlake Shipping was said to have relet the non-scrubber, 114,400-dwt LR2 Hanover Square (built 2019) to Aramco Trading for a year at $18,350 per day.
Clarksons Research estimates the one-year rate for a scrubber-fitted eco LR2 at $21,625 per day and for a non-scrubber one at $20,375 per day.
“The products need to be in better demand, and all eyes are on countries’ stance in tackling the coronavirus, and opening up and making travel restrictions more lax,” Braemar ACM said.
“With cases of the virus on the increase in various parts of the world, it does cast doubt as to how and when the demand will rebound in a way that could have a positive effect on the market.”
Trafigura, Glencore and Gunvor declined to comment on the reported fixtures. TradeWinds has approached Hunter, Valles and Aramco for comment.
