Page 22 - MUMBAI - 10 MARCH 2025

18 EXIM newsletter Mumbai & Western India, Monday, March 10, 2025
INDIA
Baltic Exchange Market Report (7 March 2025)

From page 6 nas/US Gulf route (TD9) had 10 points clipped from a week
$403.571. ago and are now at WS132.78 (showing a daily round-trip TCE
Handymax of about $25,687) and WS130.94 (which shows a daily round-
Baltic Clean Handymax routes diverged this week. In the trip TCE of $24,833), respectively.
Mediterranean, the TC6 index had a late week boost jumping The rate for the transatlantic route of 70,000 mt US Gulf/
33.33 points to WS181.11. Up on the UK-Continent, the TC23 UK Continent (TD25) had 15 points deducted and is now at
30kt Cross UK-Continent on the other hand dropped from WS143.89 giving a round-trip TCE basis Houston/Rotterdam
WS199.44 to WS178.33. of $34,447 per day.
VLCC LNG
The market remained steady on the VLCCs this week, with This week, the LNG market continued its positive momen-
the exception of the US Gulf to China route (TD22). The tum, with further rate increases across key routes for 160k cbm
270,000 mt Middle East Gulf to China trip (TD3C) remained and 174k cbm vessels, driven by tightening tonnage availability.
around last week’s levels being assessed on Thursday at WS57.10 On the BLNG1 Gladstone-Tokyo route, 174k cbm vessels
corresponding to a round-trip TCE of $38,342 which is $1,000 recorded a $2,500 increase, bringing rates to $18,200 per day,
more than a week ago. further reinforcing positive sentiment in the Pacific. Mean-
In the Atlantic market, the rate for 260,000 mt West Africa/ while, 160k cbm vessels saw a $1,500 gain, reaching $10,500 per
China (TD15) slipped a single point to WS58.50 giving a round day, continuing the recovery for smaller tonnage.
In the Atlantic, the BLNG2
Sabine-UK Continent route
saw 174k cbm vessels rise by
$1,900, closing at $19,800 per
day, reflecting sustained demand.
Similarly, 160k cbm vessels saw
a $1,200 increase, reaching
$11,100 per day, reinforcing the
market’s upward trajectory.
The BLNG3 Sabine-Tokyo
route showed a slight divergence,
with 174k cbm vessels increasing
voyage TCE of $40,633 per day, an increase of about $500 per by $1,800 to $23,800 per day, while 160k cbm vessels declined
day week-on-week. The rate however for 270,000 mt US Gulf/ by $200, settling at $13,000 per day. This suggests some pressure
China (TD22) collapsed $767,500 over the week and is now at on smaller tonnage earnings despite overall market strength.
$7,280,000, which shows a daily round-trip TCE of $36,497 The term market has picked up this week to reflect spot sen-
(about $4,700 per day less than a week ago). timent, with six-month rates rising by $2,150 to $18,150, one-
Suezmax year rates increased by $650 to $23,075, and three-year rates in-
Suezmax owners have tried to pull rates back up this week. creased by $2,750 to $49,500.
The rate for the 130,000 mt Nigeria/UK Continent voyage With rates continuing their upward trajectory, particularly in
(TD20) rose 2.5 points to WS87.83 meaning a daily round-trip the Atlantic, the market remains bullish due to tightening ton-
TCE of $36,548 while the TD27 route (Guyana to UK Conti- nage. However, it will be interesting to see whether this trend
nent basis 130,000 mt) rose a point to WS85.83 translating into persists or if it is merely a dead cat bounce. As more redeliveries
a daily round-trip TCE of $35,061 basis discharge in Rotter- re-enter the market, rates may revert to their previous levels.
dam. For the TD6 route of 135,000 mt CPC/Med, the rate has LPG
modestly improved by a point to WS100.9. This shows a daily The LPG market has remained static this week, largely due to
TCE of a $39,838 round-trip. In the Middle East, the rate for most market participants being in Tokyo, with only minor fluc-
the TD23 route of 140,000 mt Middle East Gulf to the Medi- tuations across key routes. On the BLPG1 Ras Tanura-Chiba
terranean (via the Suez Canal) rose 1.5 points to a fraction over route, rates increased by $1.25, settling at $46.25. TCE earnings
WS91. followed suit, rising by $2,656 to $29,070.
Aframax In the Atlantic, the BLPG2 Houston-Flushing route expe-
In the North Sea, the rate for the 80,000 mt Cross-UK Con- rienced a $1.00 decline, closing at $48.50. TCE earnings saw a
tinent route (TD7) has eased slightly to between the WS107.5- negligible improvement of $46, reaching $45,171. Meanwhile,
110 level giving a daily round-trip TCE of around $27,000 basis the BLPG3 Houston-Chiba route saw a $2.00 drop in rates, set-
Hound Point to Wilhelmshaven. tling at $92.33. TCE earnings remained stable, with a very small
In the Mediterranean market, the rate for 80,000 mt Cross- decline of $29, closing at $29,604.
Mediterranean (TD19) has been reduced by 3.5 points to Overall, the LPG market saw limited activity this week, with
WS121.28 (basis Ceyhan to Lavera, that shows a daily round- only a few cargoes reported. Once all market participants return
trip TCE of about $29,733, about $1,000 less than a week ago). from Tokyo, we may see a resurgence.
Across the Atlantic, the market has capitulated after a few
stem cancellations and vessel de-scheduling in Mexico adding The BDI increased from 1,229 on February 28,
pressure to owners in the arena. The rate for the 70,000 mt East 2025 to 1,276 on March 3 and 1,286 towards the
Coast Mexico/US Gulf route (TD26) and the 70,000 mt Cove- end of the week.
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