After a year of sluggish performance, the tanker market is suddenly perking up. Following on from this week's rapid strengthening of the VLCC market, it is now the turn of the Suezmax and Aframax sectors to surge ahead. In West Africa rates had settled at about the W200 level for voyages to the USA. A fixture was concluded from West Africa to Peru at W250 and other owners put their rates up to this level for USAC and US Gulf discharge.
A similar pattern was etched out in the Med. Having fallen to below W200 for cross-Med movements, the market suddenly firmed with owners indicating a rate of W250 for similar cargo movements. A Black Sea cargo was quoted and tonnage offered at W300 for early January loading. Aframax rates are rising in a similar fashion; not by five or ten points at a time, but by large amounts. It will be an interesting week.
A similar pattern was etched out in the Med. Having fallen to below W200 for cross-Med movements, the market suddenly firmed with owners indicating a rate of W250 for similar cargo movements. A Black Sea cargo was quoted and tonnage offered at W300 for early January loading. Aframax rates are rising in a similar fashion; not by five or ten points at a time, but by large amounts. It will be an interesting week.