It was hard to find positive words to describe the crude tanker market over the past week, at least for the largest ships.
Howe Robinson described VLCCs as languishing throughout in its daily reports, while Gibson Shipbrokers called the situation in the Middle East Gulf "flat and depressing" on Friday as tankers continue to deal with Covid-19 demand issues.
"A very slow drip-feed of enquiry against a good supply of available tonnage has ensured owners have had to shave a little more off their rates to get fixed," Gibson said of the Middle East Gulf.
The broking house said VLCCs headed east were fixed at Worldscale 39, while ships headed east at WS 21.
In West Africa, there was "no escape for VLCC owners from the softening sentiment that is developing in all regions and rates here saw a new lower level being posted earlier in the week.
"The line in the sand has been drawn and owners so far are unwilling to break ranks," the shipbroker added. "Let's see what happens next week."
There, the broker said rates to East Asia were held at WS 41.
For suezmaxes, things were slightly better with more activity tightening tonnage lists as the week came to a close.
Howe Robinson said there was limited inquiry to start the week for the asset class, but by Wednesday things had picked up and by Friday rates had begun creeping upward.
"With a few cargoes left outstanding as we head into the weekend, it feels like there is a bit more room to move next week," the shipbroker said.
