BALTIC EXCHANGE SHIPPING INSIGHTS
Reduced demand saw Middle East Gulf rates for 270,000 tonnes to China ease two points to WS 69, while 280,000 tonnes to US Gulf was fixed at WS 26 cape/cape and an options cargo agreed WS 30.
Whilst the rate levels have come off during the week, there still seems to be a reasonable balance.
VLCC rates remained positive in nearly all loading areas, the biggest gains were in the Caribbean with a west coast India bound carqo fixed 8% higher at US$4.00 million.
A Singapore holiday mid-week disrupted trading for the big ships particularly in the East and although rates dipped, the key West Australia/China run was slipping under the mid US$8.00s for 3-6...