Nordic American Tankers Ltd (NAT)

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Suezmax

There was healthy enquiry in West Africa, which saw rates for 130,000mt to Europe firm around 20 points. Exxon paid WS 77.5 to Europe and Cepsa agreed WS 75 for Spain. Black Sea rates similarly firmed with the market now at WS 95 for 135,000mt cargo, in contrast to WS 65/67 region a week ago.

Suezmax owners have had a much more encouraging week, a steady flow of cargoes have enabled a thinning of position lists, West Africa has managed to gain some ground with T d20 up to ws65 with earnings back up above 20k per day, double that of just over a week ago.

In the coming weeks some owners will be looking to make their move in positioning tonnage to the East for scheduled drydocking, these ships will likely be a target for Charterers. T here is market talk of impending recovery at the end of the 2nd quarter, and the coming weeks may be the last chance Charterers are able to steer the market on favourable terms.