London: Large tanker rates slid back slightly off recent highs this week as Middle East September stems drifted to their conclusion, brokers said. The VLCC rates for Japan which peaked at W52.5 at the end of last week slid back to around W50 while western rates fell back to about W47.5 from a peak of W50. Late week VLCC fixtures included two Bayoil charters for Bergesen vessels to the US Gulf from Al Bakr at a soft W47-47.5 for well ahead October 10 and 20 sailings.Some brokers said expected October stems next week would mean a busier time with rates picking up, but Galbraiths noted that the Bayoil and two Chevron October charters at the same rates and similar October dates showed market weakness.
The Suezmax market also eased back from the W67.5-70 hit early in the week for West Africa to the US Gulf and Atlantic coast—settling at around W65-67.5.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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