MR rates on USGC-NWE route hit 19-month low on low tanker bookings: sources

Medium-Range clean tanker rates on the US Gulf Coast to Northwest Europe route, basis 38,000 mt, hit a 19-month low on low tanker bookings and increased tonnage, shipping sources said.

According to Platts data, the USGC-NWE voyage, basis 38,000 mt, fell $0.56/mt Tuesday to be assessed at 12.72/mt.

Shipbrokers in the NWE called the rates on the USGC-TA, basis 38,000 mt, within Worldscale 55-60 ($12.16/mt-$13.28/mt), while US based shipbrokers called rates on the route within w57.50-60 ($12.72/mt-$13.28/mt).

“Even with light inquiry from the US Gulf, we do not see any change in market sentiment as arbitrage economics still make little sense for all directions, which has caused several vessels to fail subjects,” a US-based shipbroker said.

“Tonnage remains ample for both short and long term, and [I] believe the market will stay stable around these levels for the remainder of week 24.”
Source: Platts