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Cross-Med clean tanker freight rates stuck at one-year low on ample tonnage

Cross-Mediterranean freight rates for clean tankers were pegged Wednesday at a one year-low of Worldscale 112.5, basis 30,000 mt, for a 16th day in a row, as a rebound in fixing activity failed to offset ample tonnage.

Cross-Med clean tanker freight rates stuck at one-year low on ample tonnage

Cross-Mediterranean freight rates for clean tankers were pegged Wednesday at a one year-low of Worldscale 112.5, basis 30,000 mt, for a 16th day in a row, as a rebound in fixing activity failed to offset ample tonnage.

Cross-Med clean tanker freight rates stuck at one-year low on ample tonnage
23 October 2013 - 21:45

Cross-Mediterranean freight rates for clean tankers were pegged Wednesday at a one year-low of Worldscale 112.5, basis 30,000 mt, for a 16th day in a row, as a rebound in fixing activity failed to offset ample tonnage.

Cross-Med rates fell to w112.5 on October 7.

"There are too many ships in the Med. You need a month of great activity to absorb all the tonnage and we had only a couple of very active days last week," a shipbroker said.

On Tuesday, at least 25 Handysize tankers were reported available in the Mediterranean area until October 27, for only 8-10 uncovered cargoes.

On Wednesday, the Cape Bird was heard on subjects at w112.5 to load a 30,000 mt cargo around October 26 from Sarroch to a Mediterranean destination.

"Most [Handysize tankers] fixtures are done at w112.5 for Cross-Med and Black Sea-Med," a shipowner said.

While some sources have been talking for a week about a few ships being put on subjects at w110 for a Cross-Med voyage, no regular fixture was confirmed at this rate.

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