Freight
Market Overview
Freight: Dirty Outlook
WTI barrels have quickly priced to relatively fair value into the Far East as freight has soared to WS 179.
In effect, this has put a pause on enquiry, with only one VLCC fixed over the past three days.
TD25 vessel supply continues to climb, with 29 Afras in the 14-day ahead window.
WTI continues to land attractively into NWE, suggesting demand strength is set to improve TD25 paper values.
The first fixing activity should serve as a signal to buy.
Freight: Clean Outlook
MR tonnage counts continue to gain in the USGC 7-day ahead window, up to 28 vessels.
Inquiry recently has been heard as slow, though this is likely to change as diesel arbitrage opportunities into Rotterdam reopen for October loaders, implying support in the coming weeks for TC14 and HO spreads.
