Handysize freight rates for dirty tankers on the Black Sea-Mediterranean and Cross-Mediterranean routes, basis 30,000 mt, fell to their lowest in over four months Tuesday because of a lack of inquiries.

Rates on the Black Sea-Med route and Cross-Med route were assessed at Worldscale 150 and w140 respectively, which equates to $18.93/mt and $11.76/mt. This is the lowest since December 4, 2013, for Black Sea-Med and since December 9, 2013, for Cross-Med.

Shipping sources attributed the drop in the rates to a dearth of activity on the routes.

"The market seems to have died," said a Mediterranean-based shipbroker.

"At the moment I don't see a lot of fresh cargoes around and I see rates at w150 for Black Sea-Med and w140 for Cross-Med."

A shipowner active in the region agreed, adding: "But I wouldn't be surprised if charterers push for lower rates."

A London-based broker also said that a charterer could get lower rates than w140 for Cross-Med if they were aggressive. The broker said that Black Sea-Mediterranean rates could also be close to w140 as the differential between Black Sea-Med and Cross-Med can be eroded in a bearish market.