Baltic-NWE freight rates set to rise on tight tonnage: sources

Spot freight rates to send a 100,000 mt crude cargo from Baltic ports to northwest Europe were pegged almost Worldscale 20 higher Friday on firmer sentiment and shrinking tonnage, shipping sources said.
Freight rates were heard at w77.50-80 levels, basis 100,000 mt, with at least one Aframax reported on subjects to load crude at w77.50 levels.
The rates had been assessed at w60, basis 100,000 mt, in the Platts Market On Close assessment process Thursday.
Sources said a tighter position list of available tonnage for natural loading dates had led to upwards pressure on rates.
"There are still a few cargoes out there to be covered. So, it is looking like it could firm further [than w77.50]," a shipowner said. "I would call rates in the w75-80 range today for 100kt crude cargoes."
"I see that w77.50 is on subs today but I think the next done will be in the w80s," a shipbroker said.
The Atalandi was reported on subjects to Total for a Primorsk, Russia to NWE route loading 100,000 mt crude on October 1 at w77.50. A source at Total was not available to comment, nor was a source at the shipowner, Minerva Tankers.
Source: Platts