NWE-USAC clean tanker freight rates rally after bottoming for 2 weeks

Northwest Europe-US Atlantic Coast clean tankers freight rates moved Friday for the first time in two weeks, as they gained 2.5 Worldscale points to w72.5, basis 37,000 mt.

The last time they were assessed above w70 was on October 2, when they were assessed at w75, Platts data showed.

"Worldscale 72.5 has been put on subs for NWE-USAC, thus creating the gap needed to break the w70 flatline," said an industry source.

"With all this morning's activity I would say that rates are now firming a little for NWE-USAC, to w72.5-75 basis 37,000 mt," said a UK-based shipbroker.

At least nine medium-range tankers were heard either fixed or on subjects out of Northwest Europe Friday. Among them, the Horizon Armonia was heard on subjects with Koch at w72.5 to load 37,000 mt of gasoline around October 28 from Northwest Europe to the US Atlantic Coast. The charterer Koch was not immediately available to comment on the fixture.

"There is finally a light at the end of the tunnel for the NWE medium-range tanker market," said a shipping source.
Source: Platts