After recent rate falls, the trend has firmed, Fearnleys said in the weekly report.
Contrary to last month where USG/Caribs activity led the way, MEG activity has taken over.
Thinner MEG tonnage also affected WAfrica/East rates, which firmed in tandem with earnings for the Eco types, now hovering around $40,000 per day.
The jury is still out as to whether this firming trend is a mere ‘flash in the pan’ or sustainable, the broker said.
As for Suezmaxes, there has been a gradual rates and confidence decline during the past week.
Tonnage was steadily building, especially in WAfrica and even with the slight increase in cargo activity this was not enough to make a dent in the carry-over of tonnage.
In the Med, Suezmaxes saw a brief rally when charterers looked to this segment to lessen the impact of a firming Aframax market. Otherwise, the Black Sea ticked over with TD6 levelling off at WS80.
Looking forward into next week, we expect a steadier feel to the market as the second quarter of the year beckons and more challenges lie ahead.
Meanwhile, North Sea and Baltic Aframax rates are currently under upward pressure.
Moving into the Baltic’s 3rd decade fixing window, there will be a greater volume of cargoes compared to previous months.
There is still a requirement for Ice Class tonnage, but the supply of available ships is thinner, as Ice Class vessels have left the area.
On the back of this, Fearnleys expected the North Sea market to capitalise on a firmer Baltic market and rates could jump in the 15th-20th March fixing window.
In the Med and Black Sea, rates continued to firm in the past week, especially ex Black Sea where fixtures out of Novorossiysk and CPC to the Med are currently at WS135 levels.
While rate levels in other markets, such as the US, have come off slightly, the steady flow of fresh cargoes entering the market in the Med/Black Sea kept activity levels up.
Owners are now seeing TD19 currently at around WS112.50, with expectations of a firmer market in the days to come, Fearnleys concluded.
Euronav is to deploy one of its two ULCCs to store cleaner marine fuel ahead of a major regulatory change in 2020, the Belgium-headquartered told Reuters.
The 441,585 dwt ULCC ‘Oceania’ has been anchored off Malta port limits since 12th January, Refinitiv Eikon ship tracking data showed.
Euronav said it had also hired fuel oil trader and blender, Rustin Edwards, as head of fuel oil procurement.
In the S&P sector, the 2007-built VLCC ‘Tamagawa’ was reported sold to Greek interests for in excess of $38 mill, while the 2002-built VLCC ‘Gulf Glory’ was said to have been purchased by Kunlun Holdings for $24.3 mill.
In the MR segment, Greek-based Falcon was believed to have bought the 2008-built ‘Isola Bianca’ for $15.4 mill, while undisclosed interests were thought to have paid $17 mill for the 2010-built ‘Leopard’.