In the previous part of this series, we saw how the Baltic Dirty Tanker Index changed the week ended September 9. In this part, we’ll take a look at crude (DBO) tanker rates. We’ll see which tankers performed the best in Week 36.
According to the Weber Weekly report, the early part of Week 36 was active. However, the latter part of the week was quiet, washing away the gains and preventing a week-over-week rise in rates. The Middle East market experienced an 11% decline in fixtures, and the fixture tally stood at 25. West African fixtures was unchanged at 4.
According to the same report, the VLCC rates on the benchmark route fell to $11,461 per day on September 9, 2016, from $12,722 per day recorded on September 2, 2016. DHT Holdings (DHT) and Euronav (EURN) primarily operate VLCCs.
According to the Weber Weekly report, Suezmax fixtures in the West African market were up 70% week-over-week to reach 17. This strong demand was not reflected in this week’s rate, as the report suggests the positive sentiments were already priced in. This drove earlier week’s gains.
According to the same report, Suezmax rates on the benchmark route dropped to $6,617 per day on September 9, 2016, from $7,656 per day recorded on September 2, 2016. Nordic American Tankers (NAT) operates only Suezmax vessels. Teekay Tankers (TNK) and Tsakos Energy Navigation (TNP) have Suezmax vessels in their fleets.
The Aframax market offers a slightly different story than VLCC and Suezmax. This crude tanker saw a slight push in rates in Week 36. According to the Weber Weekly report, Aframax rates on the Caribbean route were $16,949 per day on September 9, 2016, compared to $16,799 per day on September 2.