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Bright spots in product trades gloom.
(From Lloyds List)
Tankers
FORECASTS of a measurable improvement in the product trades failed to materialise last week, but to its credit the market showed a few bright spots that kept hope aloft, writes Rajesh Joshi in New York.
Long-range 1 and 2 fixtures from the Middle East Gulf to Japan remained unchanged at W180 and W140 respectively.
However, medium range stems of 30,000 tonnes surged by W30 to W290. Brokers say this segment is poised to improve even further, a fact that is apparently reflected in the futures markets as well.
The week began with talk that there were not enough ships available in these trades up to mid-April, which seemed to point to an immediate improvement in rates.
There was no similar talk of higher rates by week's end. Maybe ...
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