FIS: Tanker Market Overview: Tanker market still buoyant

Although it has been choppy across the board, earnings are positive for CPP tankers and DPP owners as there appears to be a light at the end of the tunnel.

MRs in the East appear to be holding levels, with the spot market falling to ws470 before recovering in excess of ws500 again.

TC2 has seen freight recorrect slightly, albeit to ws330 which still equates to $28.5/per day TCE for owners on a round trip.

TC14 continues to remain a positive route for owners as the spot market recovered from lows of ws170 on 13/06. Rates are now being assessed at ws270 and have continued to rise on the back of a short week there with 4th July celebrations on Monday.

Long Range (LRs) tonnage in the East has seen a reduction in rates of 90ws pts off in less than 3 weeks. TC5 was assessed at ws379 on 17/06, and has now been assessed to ws289.

VLCC owners continue to enjoy a more positive market. TD3C has gone up by 5+ points in the spot market, equating to an increase of 10% in value. But it is still estimated to be making a negative return on a round trip for owners without Eco ships or scrubbers fitted.

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