Aframax freight rates on Baltic-NWE at 28-week low on weak demand: sources

2014-06-05

Aframax freight rates on the Baltic-Northwest Europe route, basis 100,000 mt, have hit a 28-week low, with charterers well covered for forward crude loading dates, shipping sources said Wednesday.

The rate was assessed at Worldscale 57.50 ($5.4/mt) Tuesday, the lowest since November 19. Shipping sources indicated the rate within a range of w57.50-60 Wednesday.

“Couple of stems canceled…short loading programs, and now maritime event Posidonia [in Athens] this week…everything points towards the failing market on the Baltic-UKC route, basis 100, 000 mt,” a shipbroker said.

“Stems are well covered into the end of the second decade. A healthy tonnage list is taking away any upside in this market for the short term,” another London based shipbroker said.

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