Cross-Mediterranean clean freight rates were pegged by shipping sources at Worldscale 155 Thursday, basis 30,000 mt, after dropping w2.5 to this level Wednesday, which represents a two-month low of $9.81/mt in dollar per ton equivalent.

The last time Cross-Med rates were lower was on November 29, 2013, when they were assessed at $9.69/mt, basis 30,000 mt, Platts data shows.

According to shipping sources, ample handysize and medium-range tanker tonnage in the Mediterranean and Black Sea area is putting pressure on freight rates.

"There are about 20 vessels for the next three days available for employment in the Mediterranean," said an Italy-based shipbroker Wednesday. "For the next 10 days we see about 50 free tankers."

The Port Russel was heard on subjects at w155 to load a 30,000 mt gasoil cargo around February 10 from the Black Sea to a Mediterranean destination, and the Duke I was reported on subjects at w155 to load a similar cargo around February 16 for a similar route.

"The market is likely to keep softening this month, due to unbalanced fundamentals," said an Italy-based shipbroker Thursday. "As there is so little inquiry, it can be quite easy to get a discount from an owner for the cargo, which fits his ship well in terms loading dates and destination."