Black Sea-Med Suezmax freight rates at multi-month high

Suezmax-tanker

Suezmax freight rates on the Black Sea-Mediterranean route, basis 140,000 mt, reached a three-and-a-half month high Tuesday, as activity picked up in the third decade of November and amid delays at the Turkish straits, shipping sources said Wednesday.

According to Platts data, freight rates on the Black Sea-Med route rose $1.15/mt to $10.65/mt Tuesday, a level last seen on July 9 when the rate on the route was $11.39/mt.

“There are Turkish straits delays which are up to five days, and there is a lot of activity starting from the November 15-18 window period.

Due to delays, and not so many ships around for those dates, charterers want to cover as soon as possible…so the rates are firming,” a London-based shipbroker said.

Port agents said traffic through the Bosporus Strait will be closed in the evening Thursday for bridge construction work.

Shipping sources continued to peg rates on the Black Sea-Med route within a Worldscale 92.50-95 range, which is equivalent to $10.65-10.93/mt.

Echoing the firm sentiment on the Black Sea-Med route, freight rates on the Cross-Med route, basis 135,000 mt, firmed $0.33/mt to $5.71/mt, the highest level since September 28, when the rate was $6.03/mt.

Source: Platts

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