Spot freight rates for Cross-Mediterranean and Black Sea-Med Aframaxes climbed steeply on firmer sentiment since Iraq's Kirkuk grade crude restarted following a near month-long outage.
Spot freight rates for Cross-Mediterranean and Black Sea-Med Aframaxes climbed steeply on firmer sentiment since Iraq's Kirkuk grade crude restarted following a near month-long outage.
Cross-Med and Black Sea-Med Worldscale freight rates were assessed Friday at w105, basis 80,000 mt, a w15 rise day-on-day and a w32.50 rise in freight rates since Monday on improved demand for cargoes tightening tonnage levels.
Shipowners, charterers and shipbrokers pegged the rates on Cross-Med and Black Sea-Med at within the w95-w110 range for July 26-31 and for early August dates.
Iraq's Kirkuk oil grade is transported via pipeline from the oil field in the northeast corner of the country and through Turkey, where it discharges at the Mediterranean port of Ceyhan.
Prompt demand for the cargoes in July resulted in the tightness of tonnage, shipping sources said.
"The tonnage list is quite thin, and there is still inquiry to be worked, and a good amount of vessels are there on subjects," a shipbroker said.
The SC Sara, owned by Heidmar, was heard on subjects to Litasco at w110 loading on July 31 from Ceyhan, Turkey, to the Mediterranean. Sources close to the deal confirmed the fixture.
Another vessel, the Maltida, owned by Thenamaris, was heard on subs to Total's shipping arm, CSSSA, loading July 31 from Ceyhan, Turkey, to the Med at w110. Total was not immediately available to comment, and Thenamaris declined to comment.