The tables seems to be spinning a bit on the TD3 route as vessel owners have been able to push benchmark rates a few notches higher. The freight rates were able to maintain their uptrend that started since October 2009 on back of improving demand for carrying crude. The freight rate index (sourced by Bloomberg) for the route TD3 started the month at the 30 days average (as commonly referred to, in the shipping industry) of 41.5 Worldscale (WS) points compared with October beginning of 31.725 WS points. Given the one-sided rise in freight rates since the start of the month, the month opening 30 days average WS eventually emerged as the month low. As such, the route TD3 is one of the busiest routes for shipping crude oil through supertankers from Saudi Arabia to Japan. Worldscale points are a percentage of a nominal rate, or flat rate, for more than 320,000 specific routes. Flat rates for every voyage, quoted in US dollars a tonne, are revised annually by the Worldscale Association in London to reflect changing fuel costs, port tariffs and exchange rates. Notably, each flat rate assessment gives owners and oil companies a starting point for negotiating hire rates without having to calculate the value of each deal from the scratch.
Ship hirers returning to the market searching for bargains in the WS 30s found the door firmly shut and were forced to pay up more. Multi Commodity Exchange, |
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