Freight
Market Overview
Freight - Dirty Outlook
WTI has become significantly more attractive on a landed basis globally, with Asian buyers fixing from the US.
Those fixtures are absorbing an already tight Gulf tonnage market, with four VLCCs available in the region, two below the 90-day average.
Given WTI's cheap landed value into the Far East, we continue to expect TD22 rates to gain.
Freight - Clean Outlook
A swell of MR tonnage in the first weeks of August collapsed spot FFA rates on the USGC, prompting increased diesel exports.
Rates have since firmed on that activity to the point where they are now a hindrance to exports, with the TC14 Houston to Rotterdam arb shut.
