Freight rates for intra-Asian routs steady

Spot freight rates for intra-Asian routes were steady on Monday, but are expected to see a boost this week from pent-up demand following the return of charterers after Golden Week holidays.
Rates for medium-ranged (MR) clean fuel tankers on the TC4 route were valued at W220 levels, unchanged from Thursday's Asian close and Friday's Baltic Exchange settlement.
Freight Forward Agreements (FFAs) for May TC4 were valued at W240-245 levels, while June was seen pegged at between W275-280. But shipbrokers and shipowners are expecting spot rates to jump by the end of the work by between 10-15 points at least, as charterers out last week start looking to take advantage of strong seasonal gasoline demand from the West and Middle East.