VLCC Tanker Market On Higher Ground

Meanwhile, 270,000mt from US Gulf to China saw rates firm from $4.175 million at the start of the week with $4.2m agreed and with firmer markets in both West Africa and Middle East Gulf brokers feel there is potential for further increases.

In the 135,000mt Black Sea/Med market rates have been under pressure and lost around 2.5 points to mid WS60s.

In the Mediterranean the market has continued to weaken with rates for 80,000mt Ceyhan/Lavera losing 7 points to barely WS 80 and Black Sea has been fixed at between WS77.5 and WS80.

Owners have again found themselves on the defensive with the market for 75,000mt from Middle East Gulf to Japan losing 15 points to WS100 region and remains under pressure.

It was a volatile week in the 30,000mt clean cross Med trade with the start of the week seeing a 15 point gain to mid WS180s aided by an active Black Sea market.

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