Suezmax tanker rates have jumped to the highest level in seven weeks, pulling up from their summer slump.
The rebound is feeding hope that the crude tankers are beginning to move into a seasonal upsurge.
Baltic Exchange panellists assessed suezmax time-charter equivalent earnings at just over $27,700 per day on Thursday, the highest level since the start of August.
The figure marks a 21.6% surge since Monday, when the basket of two benchmark routes stood at just $22,800 per day.
Shipbroker Fearnleys pointed out that the ongoing fixture window to lift cargoes in October tends to act as a bellwether for the seasonally strong winter market.
“Whilst it’s too early to talk fireworks today, there are very few areas of weakness and definitely areas that are beginning to exhibit all the hallmarks of an exciting market,” the firm said on Wednesday, after rates took a significant surge a day earlier.
The broker described the US Gulf Coast market as the trendsetter, with suezmax rates moving toward a WorldScale rate of WS 70 even as those for aframaxes remained flat.
With WorldScale rates standing at WS 60 on Monday for a voyage from Houston to the UK or Continental Europe, they had risen to WS 68 on Thursday, according to an assessment by London shipbroker Howe Robinson.
Freight futures show suezmax rates on the route from West Africa to the UK and Continental Europe rising to WS 110 in December — typically the winter peak.
That’s up from WS 79.6 on Thursday, which was the equivalent of $27,500 per day.
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