East Aframaxes get active as fuel oil, crude cargoes enter market

The East of Suez Aframax market, which has seen scant activity for a prolonged period, got busier Thursday with the sudden influx of fuel oil and crude cargoes out of the Persian Gulf and Indonesia, shipping sources said.

“Suddenly a lot of cargoes have been rushing in [from the] Indonesia area this week,” a charterer with a Far Eastern refiner said.The charterer said Aframax owners were currently looking at a freight rate of 60 Worldscale points for the Indonesia-Japan, South Korea voyages. “The owners’ ideas are very high.Currently, the sentiment is bullish among owners,” the charterer said.The key Indonesia-Japan, South Korea voyage was assessed by Platts at w57 on Wednesday.An Aframax owner said that market was getting active partly because of the availability of fuel oil cargoes.”We saw Shell fixing to South China. There are inquiries from Chinese charterers, too, for moving fuel oil cargoes,” another owner said, adding that Mercuria and Petrobras were looking for Aframax boats to move their fuel oil cargoes to China.

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