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MR clean tanker rates on USGC-TA route plunge amid ample tonnage: sources

Medium range clean tanker rates on the US Gulf Coast to the trans-Atlantic route, basis 37,000 mt, fell to a two-and-a-half-week low Friday amid ample tonnage and a lack of demand for cargoes, shipping sources said.

Freight rates on the USGC-TA, basis 37,000 mt, plunged Worldscale 7.50 to w70 day on day to be assessed at w70, reaching the lowest level since March 24, when the rate was w67.50, Platts data showed.

The Pacific Innovator, managed by NYK bulk ship, Asia, was heard on subjects loading on April 18 from USGC to TA at w67.50

Shipbrokers said the Pacific Innovator was going on a different voyage, so the rates were low. The shipowner was not immediately available to comment.

Furthermore, another ship was heard on subjects at w70.

Details of the ship were not immediately available.

While a few shipowners indicated the rate on the USGC-TA route at w75, most of shipbrokers indicated the rate within w67.50-w70.
Source: Platts