Feb 22, 2012
McQuilling Morning Report - Market Commentary
VLCC Activity in AG remains quiet, but owners are still holding the rates steady as they expect more cargoes showing to the market next week. In the West, owners are optimistic about the market as natural tonnage is relatively tight. SUEZMAX The market continues sideways. The second half of the month stems are starting to scratch the surface in West Africa and tonnage in that position appears to open up a bit. The recent steady flow of cargoes, coupled with high bunkers, are both keeping the market stable. AFRAMAX Activity was lighter than expected yesterday after a holiday in the States on Monday. With current tonnage list, we expect downward pressure on rates. PANAMAX We expect the market to move sideways short term, but the potential exists for firming to occur given recent under-the-radar fixing off an already tight third decade tonnage list.
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Feb 21, 2012
McQuilling Morning Report - Market Commentary
VLCC It is still quiet in the AG as IP Week is underway, charterers are staying quiet in hopes of rates weakening. In the West, it has been fairly active in West Africa and owners pushed rates a bit higher, rates will remain firm in the near term. SUEZMAX The market is seeing some increased cargo activity Tuesday morning. Rates for the short term appear to be holding current levels (near WS 80 level) throughout the middle of the month. The expensive bunkers throughout the West continue to drive owners to hold the line. AFRAMAX President's Day kept the market relatively quiet yesterday and there are no reported cargoes working this morning. Rumors of WS 145 have been circulating, but we expect the market to remain WS 140 off normal dates. PANAMAX The Panamax market is on autopilot at WS 140. Activity is on the light side this morning as next done is awaited.
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Feb 20, 2012
McQuilling Morning Report - Market Commentary
VLCC Quiet start to the week as some charterers are still waiting the stems to be confirmed, rates will go sideways in the near term. In the West, tonnage is relatively tight and owners might push rates higher. AFRAMAX Two Aframax cargoes were covered late last week at WS 140 out of ECM, one of which was off slightly prompt dates. The current tonnage list looks longer towards the end of the month and thus we expect rates to remain level with the possibility of downward pressure. PANAMAX The Panamax market was active at the conclusion of last week and with tonnage tight through the last decade of February, we expect rates to remain firm as we start the week.
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Feb 17, 2012
McQuilling Morning Report - Market Commentary
VLCC As expected, the market has gone quiet today as charterers are trying to avoid showing too many cargoes to the market in order to cool things off a bit. Rates are starting to move sideways as owners consider whether anything is to be gained by waiting. In the West, position list is fairly tight, but the suezmax market still keeps rates in check. SUEZMAX The market has crept upward toward the WS 80 level for the week. There does not appear to be a sense of continued vertical momentum and the market seems more balanced at week's end. AFRAMAX The Aframax market remains quiet and as a result, downward pressure is to be expected given the lack of enquiry. PANAMAX Third decade tonnage is tight and thus a cargo that enters the market within that fixing window would likely pay a premium.
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Feb 16, 2012
McQuilling Morning Report - Market Commentary
VLCC There is upward pressure on rates now as owners are holding back from offering against quoted cargoes. Charterers are carefully entering the market with a slow pace in order to not add too much fuel to the fire. In the West, the arb from UKC/East is still too low, but Wafr/East remain active and rates are fairly steady. SUEZMAX The standoff has continued and a few of the early positions are disappearing. Rates have climbed up from the middle WS 70s to touch the WS80 mark Wafr-Ta. The cargo inquiries are pulling back with this latest uptick in the rates. AFRAMAX Yesterday the Aframax market was quiet and as a result, current rates will come under pressure unless we see an increase in enquiry. PANAMAX The list appears tight short term as the market awaits next done, however there are currently no cargoes working.
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