Cross-Med, Black Sea Aframax freight rates hit a 5-month high
Cross Mediterranean and Black Sea to Mediterranean dirty freight rates for Aframaxes hit a five-month high Tuesday following a sharp rise in activity and very tight tonnage availability, according to shipping sources and Platts data.
Platts assessed rates to transport a 80,000 mt cargo from Med to Med and Black Sea to Med at Worldscale 100 on Tuesday, the highest Worldscale rate since yet July 7, according to Platts data.
"There is a lot of excitement in the air about Aframaxes," a Med-based shipbroker said Tuesday. "The tonnage list is very tight for end-of-month loadings, so cargoes are being fixed for December 29-30 at prompt values. I am seeing a couple of cargoes ex-Libya at w100 levels plus rumors of another at w110."
Black Sea-Med Aframax rates for the 80,000 mt cargo size were also supported on market sentiment that rates were at least at parity with Cross-Med due to a large number of enquiries, sources said.
"The Black Sea-Med rates are at least in three figures. I am sure shipowners will try to build on the w110 that is on subs in the Med, even though that was on a short voyage," a shipowner said.
Adverse weather conditions in southern Italy and Malta that were expected to cause some loading delays were also supporting the bullish sentiment in the region, sources said.