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Cross-Mediterranean clean freight rates at 5-month low on ample tonnage
Cross-Mediterranean clean tanker freight rates on a 30,000 mt basis were assessed by Platts at a five-month low of $7.28/mt Wednesday, or Worldscale 115, and were pegged at the same level in early Thursday trade, market sources said.
The last time, Cross-Med rates were lower was on November 8, when they were assessed by Platts at $7.27/mt.
Rates slipped by w5 Wednesday to w115 as supply outstripped demand amid ample handysize tanker tonnage, according to shipping sources. Within the past month, Cross-Med rates for handysize tankers have plunged back from a year-to-date high of w175 on March 19.
On Thursday, the Torm Gyda was reported fixed at w115 to load 30,000 mt of naphtha around April 25 from Milazzo, in Italy, to a Mediterranean destination.
"The market is very quiet," said one shipbroker Thursday.
Handysize tanker tonnage is expected to lengthen during the four-day Easter weekend, sources said.
"There is still good availability of vessels which are prompt in the Med and will still be there next week," said another shipbroker.
Source: Platts
The last time, Cross-Med rates were lower was on November 8, when they were assessed by Platts at $7.27/mt.
Rates slipped by w5 Wednesday to w115 as supply outstripped demand amid ample handysize tanker tonnage, according to shipping sources. Within the past month, Cross-Med rates for handysize tankers have plunged back from a year-to-date high of w175 on March 19.
On Thursday, the Torm Gyda was reported fixed at w115 to load 30,000 mt of naphtha around April 25 from Milazzo, in Italy, to a Mediterranean destination.
"The market is very quiet," said one shipbroker Thursday.
Handysize tanker tonnage is expected to lengthen during the four-day Easter weekend, sources said.
"There is still good availability of vessels which are prompt in the Med and will still be there next week," said another shipbroker.
Source: Platts
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