Handysize tanker freight rates on the Cross-Mediterranean voyage, basis 30,000 mt, have hit their lowest in five years on Monday on the lack of cargoes and ample tonnage, shipping sources said Tuesday.
According to Platts data, freight rates on the Cross-Med route were at $6.40/mt which was down by $0.16 from Friday and the lowest assessed since October 8, 2010 when the rate on the route was $6.15/mt.
Even the bad weather in the Mediterranean could not support Cross-Med rates.
Moreover, most of the ships were booked on short voyages from four to six days, and they were open to pick up a cargo with a matter of a few days, shipping sources said.
â€œCouple of ships have gone on subjects, the rates could creep up to w105,â€ a shipbroker said.
While a few ships were heard on subjects at w105 on Tuesday, details of the fixtures were not immediately available.