Cross-Med/Black Sea-Med rates firm on tight tonnage: sources


Suezmax freight rates on the Cross-Mediterranean and the Black Sea-Med routes, basis 135,000 mt, reached a four-and-a-half month high Friday amid a tightening of tonnage, shipping sources said.

According to Platts data, freight rates on the Cross-Med route, basis 135,000 mt, firmed Worldscale 25 to 87.50, reaching the highest assessed level since January 31, when the rate on the route was at w100.

Echoing the same sentiment, freight rates on the Black Sea-Med route, basis 140,000 mt, firmed w22.50 to w87.50 over the day, hitting the levels seen on February 3, when the rates peaked at w95.

A ship was heard on subjects loading a 135,000 mt cargo on July 5 from Caspian Pipeline Consortium to Med with options to discharge in the Northwest Europe at w90. The Caspian Pipeline Consortium transports Caspian oil from Tengiz field to the Novorossisk-2 Marine Terminal on Russia’s Black Sea coast.

“Just like West African region, the Med is looking firm due to shortage of ships, and a burst of activity helped to pull rates up,” another London based shipbroker said.

Source from : Platts