Clean Handysize freight rates on cross-Mediterranean voyages spiked to just over a 20-month high Thursday as a wave of cargoes in the last two weeks drastically reduced available vessels.

Rates on cross-Med runs, basis 30,000 mt, were assessed Worldscale 10 higher Thursday at w180, equivalent to $11.39/mt, the highest level since February 14, 2013.

Rates have risen by w45 on cross-Med voyages this week.

Freight rates were even higher in the Black Sea due to an even tighter tonnage list than seen for normal cross-Med voyages, coupled with bad weather conditions.

Rates were assessed at w185 Thursday for Black Sea-Med runs, or $23.46/mt, the highest level since March 17 this year.

"There are rumors of vessels going on subs around w200 in the Black Sea, but nothing is confirmed yet. But all Med shipowners are active and positive right now," said a charterer.

Market participants said natural dated cargoes were going on subs around w180-185, with prompt ships scarce and demanding around w190 for a cross-Med journey.

Some outstanding cargoes were still in the market, such as a November 1/2 Black Sea stem.

Market participants said limited vessel availability and more stems should keep the market firm going into the European winter when clean product demand tends to be higher.