WAF-NWE/Med Suezmax dirty tanker rates at over two-year low on weak demand: sources

Suezmax dirty tanker rates on the West Africa to Northwest Europe and WAF-Mediterranean routes hit their lowest in nearly two and a half years Wednesday due to low cargo inquiries and greater availability of ships, trading and shipping sources said Thursday.
The WAF-NWE, basis 130,000 mt, freight rate dropped $0.26 day-on-day to be assessed at $9.89/mt, the lowest since January 25, 2011, when it hit $9.25/mt Platts data shows.
Moving in line with WAF-NWE, WAF to the Med rates on a 130,000 mt basis fell $0.27 to $10.37/mt Wednesday, also the lowest since January 25, 2011 when it was $9.53/mt, according to Platts data.
The Cap Pierre owned by Euronav was heard to be on subjects to a trading company loading on June 28 from West Africa to Scandinavia with options to Mediterranean at Worldscale 45 and at w47.50, respectively.
However, the shipowner declined to comment on the fixture.
"The WAF Suezmaxes are incredibly quiet with little outstanding business...there are few cargoes to be covered, and enough availability of ships," a shipbroker said.
"The freight rate on this route has been very low and within w48.75-47.50 range," another shipbroker said.
Trading sources said Nigerian demand dried up with, about 10 crude cargoes unsold in the July loading program.
Source: Platts