SINGAPORE (Dow Jones)–Asia’s freight markets for vessels carrying clean petroleum products may stay bullish in the coming week due to firm demand for light distillates, while crude tanker rates appear to have found a floor.
The rate for a 55,000-metric-ton LR-1 cargo from the Middle East to Japan was assessed Tuesday at Worldscale 144.69, its highest level since early May, while the rate for a 75,000-ton LR-2 cargo for the same route was little changed from last Tuesday at W124.88, according to the Baltic Exchange.
Recovering demand for naphtha is supporting rates, as some crackers in Japan and Taiwan are scheduled to resume operations in October after maintenance.
“A resurgence in eastbound naphtha fixing last week allowed the LR market to firm significantly,” said broker Simon, Simpson & Young in a research note.
The rate for a 30,000-ton tanker from Singapore to Japan slipped to W158.57 from W159.14, though the downside is likely limited due to healthy gasoline demand from Vietnam and Indonesia.
The spot rate for a 260,000-metric-ton Very Large Crude Carrier from the Middle East to Japan recovered to W46.76 Tuesday from W45.31 a week ago. Owners made $1,034 a day in profits on VLCC leasing this week compared with losing $801 a day a week ago, thanks to declining bunker prices.
The VLCC market appears to be finding temporary relief after owners completed fixing of August-loading lots. Around 108 cargoes have been fixed for lifting in August, up from 102 lots a year ago, data from Meiwa International showed.
However, the market still lacks upward momentum, as vessel availability remains high next month, shipbrokers said.
The rate for a VLCC from West Africa to China hovered around its year-to-date low of W43.22 Tuesday, while the 80,000-ton Aframax rate from Southeast Asia to the east coast of Australia eased to W95.11 from W96.28.
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1413
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.