NWE-USGC LR clean tanker rates hit fresh 2014 lows on ample tonnage
Time：2014-05-30
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According to Platts data, freight rates on the NWE-USGC voyage, basis 60,000 mt, fell $1.15 over the day to be assessed at $20.13/mt Wednesday, which was the lowest since November 5, 2013, when the rate on the route was $19.31/mt.
Shipping sources said, typically, freight on the NWE-West Africa route, basis 60,000 mt, moves in tandem with the rates on the NWE-USGC route.
Platts data shows, freight rates on the NWE-WAF voyage, basis 60,000 mt, fell $0.91 to $15.96/mt, a level last hit on March 14.
Shipping sources put the rate on the NWE-USGC route within a range of Worldscale 87.50-90.00 ($20.13-20.70/mt) on Thursday morning.
“There are plenty of ships available in NWE…tankers are now ballasting to the Persian Gulf with not much activity seen in NWE over the past few weeks,” a Mediterranean shipbroker said.
“It’s a situation where shipowners have one cargo against five ships. In this scenario, it’s better to spot a prompt cargo rather than leave it,” he added.