WAF-NWE/Med Suezmax freight rates soar on greater cargo demand: Sources

Suezmax dirty tanker rates on the WAF to Northwest Europe route rebounded Friday due to more inquiries for cargoes, and low availability of ships on this route for the third week of July, shipping sources said Monday.
The WAF-NWE, basis 130,000 mt, freight rate rose Worldscale 2.50 day on day to be assessed at w52.50, the highest since May 17, when it was at w55, Platts data showed.
The freight rate on this route soared Friday after hitting its lowest level in nearly two-and-a-half years almost 10 days ago on June 27.
"Sentiment is firmer on WAF-NWE Suez max in the west," a shipbroker said. "There is a shortage of ships on the WAF-NWE route and on routes to the Med," a shipowner said.
Typically, the freight rate on the WAF to Mediterranean Suezmax route moves in tandem with the rates on WAF-NWE Suezmax, according to the shipping sources.
The WAF-Med rates on a 130,000 mt basis rose w2.50 to w52.50, also the highest since May17 when it was w55, Platts data showed.
Source: Platts