Medium Range clean tanker rates on USGC-NWE routes firm on more demand: sources

Medium Range clean tanker rates on the US Gulf Coast to Northwest Europe route, basis 38,000 mt, hit a three-and-a-half month high Monday on more demand for cargoes, shipping sources said Tuesday.

According to Platts data, freight rates on the USGC-NWE route, basis 38,000 mt, firmed Worldscale 15 points to w85 Monday reaching the highest assessed since March 3 when the rate was at w90.

After a ship went on subjects later on Monday for a USGC-NWE voyage at w90, shipping sources pegged rates on the route at w90 on Tuesday morning.

“Activity remains firm from USGC today with a number of cargoes outstanding up to early July. Owners are still bullish and reluctant to send ships to Northwest Europe,” a US-based shipbroker said. “Caribbean demand is the main driver of the market,” he added.

Another US based shipbroker said: “There are about six cargoes to be covered on the UKC-Transatlantic route, but they have options to discharge in the Caribbean and West African region.”
Source: Platts