Black Sea-Med dirty Handysize rates near 11-month high on tight tonnage
The cost of sending 30,000 mt dirty product cargoes from the Black Sea to the Mediterranean has risen to the highest level in almost 11 months on the back of high levels of inquiry and a tight tonnage list in the region, shipping sources told Platts this week.
Freight rates on the Black Sea-Med route increased Worldscale 5 to w207.5 Monday.
This equates to $25.88/mt, the highest since a $26.50 assessment on February 17, 2014.
There have been reports of a good flow of cargoes from the Black Sea since the beginning of the year and this, combined with persistent weather delays, has caused a tightening of the position list in the region.“It’s all very firm.
Tonnage is tight and we have had weather delays in many of the usual hubs so the market should go up,” said a shipowner.Sources said that the Black Sea has generally been busier than the rest of the Mediterranean in recent days, which has resulted in ships ballasting from the West Med to the Black Sea in order to capitalize on the firmer market there.
Cross-Mediterranean rates, basis 30,000 mt, were assessed w15 lower than Black Sea-Med rates at w192.5 Monday.
The cost of sending 30,000 mt dirty product cargoes from the Black Sea to the Mediterranean has risen to the highest level in almost 11 months on the back of high levels of inquiry and a tight tonnage list in the region, shipping sources told Platts this week.
Freight rates on the Black Sea-Med route increased Worldscale 5 to w207.5 Monday.
This equates to $25.88/mt, the highest since a $26.50 assessment on February 17, 2014.
There have been reports of a good flow of cargoes from the Black Sea since the beginning of the year and this, combined with persistent weather delays, has caused a tightening of the position list in the region.“It’s all very firm.
Tonnage is tight and we have had weather delays in many of the usual hubs so the market should go up,” said a shipowner.Sources said that the Black Sea has generally been busier than the rest of the Mediterranean in recent days, which has resulted in ships ballasting from the West Med to the Black Sea in order to capitalize on the firmer market there.
Cross-Mediterranean rates, basis 30,000 mt, were assessed w15 lower than Black Sea-Med rates at w192.5 Monday.