Baltic-UKC dirty Aframax freight rate rise ends on increased position list

The recent rise in Aframax rates on the Baltic-UK Continent route, basis 100,000 mt, came to an abrupt halt Tuesday on the back of a replenished position list in the Baltic Sea.

Rates on the route plunged Worldscale 22.5 to be assessed at w75 Tuesday, which equates to $7.04/mt.

The fall in rates followed a rise in rates from w75 on June 17 to w110 on June 19. The surge in rates was the result of a temporary squeeze in tonnage for loading dates at the end of June.

Shipping sources said the tonnage list is substantially longer for July loadings, which enabled Total to put a Delta ship on subjects at w75 for a Primorsk-UKC voyage loading July 3. The charterer was not immediately available for comment.

“I’d rate Baltic-UKC at w75 now. The spike didn’t last long. Total had seven offers off fairly prompt dates. There are even more ships available for natural dates,” said a shipbroker.

“Rates are around w75, the party is over,” said a second broker.
Source: Platts