Owners remained under pressure this week, with a substantial amount of tonnage still available for September loading. Despite a fresh release of cargoes out of WAF this week, charterers still managed to keep downwards week, charterers still managed to keep downwards pressure on rates, with the rate on the WAF-China route declining w-o-w from WS 49 to WS 48. Meanwhile, the Caribbean market garnered plenty of enquiry.
Enquiry in WAF has steadily diminished this week, resulting in a lengthening position list. Rates responded accordingly, with the rate on the WAF-Med route falling w-o-w from WS75 to WS 70. Meanwhile, in the Med, a firm Aframax market supported Suezmax rates somewhat and the rate on the featured cross-Med route rose w-o-w to WS 80.
It was a busy week in the Med and Black Sea, leading to rates on all featured routes in the regions rising w-o-w. The rates on all featured routes in the regions rising w-o-w. The rates on all featured routes in the regions rising w-o-w. The rate on the Mellitah-Fos route closed out the week at WS135. Aframax average earnings firmed 43% w-o-w to$16,920/day.
Capesize spot rates continued their recent improvement and started the week strongly, before falling later in the and started the week strongly, before falling later in the week. The rate on the Dampier-Qingdao route rose to$8.15/t, while the rate on the Tubarao-Qingdao route rose slightly w-o-w to $17.20/t. Overall, average Capesize spot earnings remained relatively static w-o-w at $21,706/day.
Sentiment was strong this week, with Panamax spot rates rising w-o-w in both basins. Rates in the Atlantic were supported by thinning tonnage availability and a steady flow of fresh cargoes, particularly out of the US Gulf and US East Coast. Overall, average Panamax spot earnings rose 16% w-o-w to $14,134/day.
Average Supramax trip earnings rose 9% w-o-w to$12,500/day as rates improved in both basins. A short$12,500/day as rates improved in both basins. tonnage list in the US Gulf supported rates in the Atlantic despite reduced activity, while rates in the Pacific also improved reflecting increased demand.
In the tanker sector, Norwegian owner DSD Shipping has reportedly extended a series of 50,000 dwt MR tankers at Hyundai Vinashin by declaring an option for two additional units. The two vessels are in 2020 and will have a capacity of 52,000 cu.m. The scheduled for delivery recent options will be the 3rd and 4th vessels in the series, after the first two vessels were contracted in July this year.
In the cruise ship sector, Fincantieri has announced a contract from Silversea Cruises for one 40,700 GT unit. The vessel will be able to accommodate 596 passengers and is scheduled for delivery in 2020. Meanwhile, VARD has taken an order for one c.5,000 GT cruise ship from Coral Expeditions, which will be able to accommodate 120 passengers. The vessel is scheduled for delivery in Q12019 from VARD’s Vung Tau yard in Vietnam.
in the year to date, a total of 515 vessels have been contracted, representing a 24% y-o-y increase in numerical contracted, representing a 24% y-o-y increase in numerical terms, on an annualised basis. In the oil tanker sector, 147 orders have been placed in the year to date, a 68% y-o-y increase in numerical terms, on an annualised basis. Oil tankers account for 29% of total contracting in numerical terms in the year to date, up from 21% in full year 2016.