Tankers: Aframax rates jump more than 30%

Aframax Tanker

Aframax freight rates rocketed up 30.19% in just three days with inquiry rising and tonnage dwindling in response to the activity.

The Caribbean-US Gulf Coast route, basis 70,000 mt, was assessed Thursday at Worldscale 132.5, after closing Monday at w92.5.

The bar was set for that route Thursday when Vitol placed the Umlma on subjects at w132.5 for a voyage beginning with a November 23 loading.

So far this week 15 ships have been put on subjects, which has left a shortened position list.

There are 13 Aframax vessels available in the USGC and Caribbean through November 25.

A broker said two ships had ballasted away from the Americas to get in on rising rates in the Mediterranean, further thinning tonnage.

“If you’re looking to lift through the end of the month, there isn’t much left,” said a shipbroker.

Rising rates are not unheard of at this time of year as owners and charterers look to clear their desks prior to the Thanksgiving holiday.

On November 17 last year, the rate for Caribbean-upcoast runs spiked at w190 and in 2014 those routes came in at w165.

Source: Platts

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