FIS: Tanker Market Overview: Buoyant tanker rates in Mediterranean

TC6 has had a positive couple of weeks, with the spot market breaking the ws500 mark for the first time this year.

Earnings are still considerably elevated for those owners willing to venture into the Black Sea (whether that be to load in Russian or Non-Russian ports), restricting the list of available tonnage and continuing to push rates higher.

As Bloomberg reports, ‘Europe’s resolve to stop buying Russian crude may be starting to ebb. The continent’s refineries took 1.84 million barrels a day of oil from Russia last week’, according to tanker tracking data compiled by Bloomberg. This will likely only exacerbate the increase in rates and in turn supporting earnings for owners.

It is not only TC6 seeing these inflated rates. TC12 & TC17 spot markets are both above ws400, and TC & TC5 are both north of ws350 in the spot market. The volatility on these routes continues to support trading on the FFAs across the CPP Tankers. The Baltic Exchange currently evaluate MR owners TCE via the MR Atlantic basket at $45k per day, in contrast to TD3C which remains in the doldrums with Baltic marks at -$20,000 per day at the front.

Written by Titus Zheng Shujian and Edward Hutton, Edited by Chris Hudson (https://freightinvestorservices.com/fis-live/).