Freight rates on the Black Sea to Mediterranean route, basis 30,000 mt, hit a two-month high this week on delays in the Turkish Straits.
According to S&P Global Platts data, freight on the Black Sea-Med trip, rose by 42 cents over this week to be assessed at $15.14/mt Wednesday to remain steady at same levels on Thursday. This was the highest since January 13.
Market participants said the freight on the Black Sea-Med route was date dependent, and it was put at Worldscale 175-180 ($14.71-$15.14/mt) Friday.
Queues through the Turkish straits were reported at between four to six days this week for tankers between 150 and 200 meters in length over all.
According to a shipbroker, Turkish Strait delays rounds up to two to three days for smaller ships [Handysize tankers] with 200m LOA.
The buildup of queues due to rough seas have delayed product flows into the Mediterranean basin and supported freight rates over the last three weeks, sources said Friday.
“Now 10-day delays from load ports [in the Black Sea], pushing up freight rates in the Med and problems for all getting product into the Med,” a gasoil trader said.