Suezmax rates jumped this week, with big gains cascading through the market.
Clarksons’ fleet weighted average for the vessels jumped 4.8% week on week, hitting $34,300 per day, with the Baltic Exchange reporting that shipowners were pushing up the market on all fronts.
“Owners had the upper hand this week, and rates have improved,” the Baltic Exchange said in its weekly tanker market note.
The real gains began on Tuesday, with the Black Sea-Mediterranean route rising 12.2% to $39,700 per day on average, according to Clarksons.
On Wednesday, the broker said momentum shifted to the West Africa-Europe route, with eco rates jumping 6.5% to $26,700 per day, then skyrocketing 21.5% to $32,400 per day on Thursday.
By Friday, it was Black Sea eco-designed suezmaxes on the upswing again, climbing 11.2% to $44,200 per day, Clarksons said.
The Baltic Exchange tipped one more route to strengthen next week, the Guyana to Europe route.
It said it gained just 3 Worldscale points to WS 77.5 mid-week with time charter equivalent rates rising to $25,000 per day.
“With the USA Thanksgiving holiday, this route will only come alive again next week,” it said.
The firming was not seen in the VLCC market, which dropped nearly 18% week on week. Clarksons’ fleet weighted average dropped to $31,300 per day and the same aframax reading fell 5.8% to $25,500 per day.
Suezmax rates also remained behind 2023’s year-to-date levels, which Clarksons assessed at $51,300 per day.
At this time last year, VLCCs were earning $51,800 per day, the broker said, and aframaxes $50,600 per day.
