Aframax dirty tanker rates in the Caribbean fell on Thursday to a new low for this year due to lacklustre chartering demand, brokers said. However, the market was expected to rebound next week as players return from the long-weekend Easter holidays.
"Many traders have cargoes on hand, but they are waiting until next week to fix their vessels," a broker said. "They also want to avoid any rush to book vessels ahead of the holidays." Rates for 70,000 tonne dirty cargoes moving between the Caribbean and the US Gulf Coast dropped to W140 from W145 earlier this week and W160 seen last week.
Caribbean 70,000-tonne upcoast trade to the US Atlantic Coast freight derivatives dropped again on Thursday, according to IMAREX. The front-month April contract was pegged at W157.5, down W7.5 from the previous day and down W15 from Tuesday.
The May contract was flat at W175. The Baltic Exchange international dirty tanker index closed at 1,237 points on Wednesday, compared with 1,357 points on Monday. "The dirty rates should drop a bit more on Thursday before inching up in the middle of next week," a second broker said. Moscow River was booked by BP at W120 to load 70,000 tonnes in the US Gulf for delivery to the Bahamas.
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