Black Sea-Med/Cross-Med freight rates down on Libyan strikes

2013-08-16

Aframax freight rates on Black Sea-Mediterranean and Cross-Mediterranean routes remained under pressure Wednesday amid ongoing low activity during strikes at three major Libyan terminals -- Es Sider, Ras Lanuf and Zueitina -- shipping sources said.

"[The Libyan] strikes, and [Ceyhan-Kirkuk pipeline] bombings emerging from the Mediterranean are having an impact on the Cross-Med and Black Sea-Med route Aframaxes," a shipbroker said.

A shipowner in the Mediterranean said: "There is some activity and rumors of Es Sider an Ras Lanuf coming back online later this week. However, as the situation stands the rates are dropping for Cross-Med route at w77.50...with the rates on the Black Sea-Med route at w80."

On Tuesday, the Cross-Mediterranean freight rate, on an 80,000 mt basis, dropped Worldscale 2.50 to be assessed at w77.50, near levels last seen on July 16 when they were at w75, according to Platts data.

Typically, the freight rate on the Black Sea-Med route for 80,000 mt cargoes move in tandem with the Cross-Med route.

The freight rate on the Black Sea-Med route dropped w2.50 Tuesday to w80.

Source from : Platts

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