Contents
Table of Contents
Dirty
Posidonia week and the sun has been in full flow all week.
The apparent shortage of DPP fixtures is likely due to slower reporting this week, alongside softening earnings as we move into the summer months. The continued lack of meaningful progress in peace talks is also weighing on the industry, as volumes from strategic reserve stock substitutions decline. This uncertainty of course remains unsettling, although the potential for Hormuz to re-open keeps a positive plate still spinning.
Newbuilding orders continue to dominate the news, with VLCC’s (in particular) adding to the expanding forward orderbook. Orders are now being placed through to 2031, indicating that buyer confidence in fleet renewal remains strong.
Crude 1 Year TC Rates ($/day)
Clean
The USG MR market continues to strengthen this week, both paper and physical, we notice some traders able to improve their short term bids as a result. Reports scrubber NB MRs on subs for 5 years at 24K basis Q4 delivery, appear to have some substance. These numbers reflect significant faith in the medium-long term products market and will be a talking point in weeks to come. The short term LR TC market remains difficult to fix. Spot rates globally, for CPP and DPP, are well off recent highs. But for LR Owners trading CPP, the prospect of an opening of Hormuz combined with the shrinking of the CPP trading fleet, gives them less incentive to revise their numbers lower. Long term LR deals continue to be discussed at varying levels/periods and perhaps post-Posidonia some more announcements will be forthcoming.
Clean 1 Year TC Rates ($/day)
Time Charter Rates
| Non-Eco | Eco | Scrubber | FFA | 12M | ||||||
| 1 Year | 2 Year | 3 Year | 1 Year | 2 Year | 3 Year | 1 Year | Route | Spot | Avg.* | |
| VLCC | 105,000 | 70,000 | 55,000 | 115,000 | 80,000 | 65,000 | 3,000 | TD3C VLCC – MEG/CHINA | 410,250 | 194,250 |
| Suez | 62,500 | 45,000 | 38,000 | 67,500 | 50,000 | 43,000 | 2,000 | TD20 SUEZMAX – WAF/UKC | 69,000 | 50,500 |
| Afra (West) | 55,000 | 41,000 | 35,000 | 60,000 | 45,000 | 37,500 | 1,500 | TD25 AFRAMAX – USG/UKC | 40,250 | 42,750 |
| Afra (East) | 50,000 | 41,000 | 35,000 | 55,000 | 45,000 | 37,500 | 1,500 | TD8 AFRAMAX – MEG/SING | 88,250 | 44,500 |
| LR2 | 48,000 | 41,000 | 35,000 | 53,000 | 45,000 | 37,500 | 1,500 | TC20 LR2 AG/UKC | 92,500 | 23,500 |
| LR1 | 37,500 | 32,000 | 27,000 | 41,000 | 34,000 | 28,500 | 1,000 | TC5 LR1 – MEG/JAPAN | 114,500 | 41,750 |
| MR (West) | 26,000 | 23,000 | 20,000 | 28,000 | 25,000 | 23,000 | 750 | TC2 + TC14 TRIANGULATION | 28,750 | 30,750 |
| MR (East) | 26,000 | 23,000 | 20,000 | 28,000 | 25,000 | 23,000 | 750 | TC7 MR – SING/AUS | 34,250 | 19,750 |
| Handy | 24,000 | 19,500 | 17,500 | 28,000 | 21,000 | 19,500 | 500 | |||
Clean Fixtures
| Name | Owner | DWT | Blt | Scrubber | Period | Laycan | Delivery | Charterer | Rate Per day | Comments |
| MINAMI NIPPON 834 | NAVIOS | 51 | 26 | 5 YRS | SEP 26 | MINAMI NIPPON | CHEVRON | RNR | SUBS | |
| MINAMI NIPPON 835 | NAVIOS | 51 | 26 | 5 YRS | NOV 26 | MINAMI NIPPON | CHEVRON | RNR | SUBS | |
| JAL KAILASH | JALDHI OVERSEAS | 50 | 25 | 10-14 MOS | JUN 26 | VIETNAM | CARGILL | $27,500 | FFXD | |
| MR TBN | SCORPIO | 50 | 3 YRS | NOV 26 | WW | VALERO | $24,000 | FFXD | ||
| MR TBN | SCORPIO | 50 | 3 YRS | NOV 26 | WW | VALERO | $24,000 | FFXD | ||
| HUMILITY | SEA PIONEEER | 49 | 26 | 12 MOS | JUN 26 | USG | ATA/CPTA | $30,000 | FFXD | |
| LARGO AURORA | JP MORGAN | 49 | 25 | 3 YRS | AUG 26 | WW | TOTAL | $24,000 | FFXD | |
| LARGO ATOM | JP MORGAN | 49 | 25 | 3 YRS | OCT 26 | WW | TOTAL | $24,000 | FFXD | |
| T MOUNT BLANC | DENSAY | 49 | 26 | Y | 12 MOS | JUL 26 | EX YARD JAPAN | SHELL | $30,000 | RPTD |
