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VLCC/ULCC Markets w/e 5th March 2010
A busy week for the VLCC market with rates remaining steady around the W77.5 level for MEG/East and mid W50's to the West and with the healthy enquiry this week, around 80 spot fixtures have now been reported from the region Read More.
Handymax/Size Report w/e 5th March 2010
Large gains for owners in the Pacific have largely contributed to the pumping-up of the BSI this week Read More.
News
Monday 08th March 2010 - VLCC/ULCC Markets w/e 5th March 2010
A busy week for the VLCC market with rates remaining steady around the W77.5 level for MEG/East and mid W50's to the West and with the healthy enquiry this week, around 80 spot fixtures have now been reported from the region. Some charterers have taken the opportunity to finish their March program by covering their end month stems this week, resulting in an increase of enquiry. Those owners with early 3rd decade ships found themselves with a number of potential voyages and owners were able to try and push for rates higher than last done. Charterers held firm however, keeping rates in check by only conceding a point, as W78.5 reported East 3 times by Friday. With employment opportunities thinning for the single hulls, the market remains flat at around W55. Looking to next week we can expect the final 10-15 March cargoes to be covered, and with a comfortable tonnage list for March to soak these up, we can expect rates to remain steady.
In West Africa, March stems are almost finished and firming rates up to W95 to the USG and W85 East, reflect the tight tonnage situation for both VLCCs and Suezmaxes. The week was busy, with W90 reported to the USG on Monday and firming rates throughout. Eastern ballasters have been a attracted and as Charterers look to fix their April stems, we can expect to see a continuation of firmer rates.