London — Freight rates on Handysize tankers on cross-Mediterranean and Black Sea-Med trips, basis 30,000 mt, hit 7-week highs Thursday on buoyant activity and squeezed tonnage lists, and are expected to rise further Friday, shipping and Trading sources said.
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RegistroThe rate on the cross-Med was up 5O cents to $7.25/mt which equates to Worldscale 145, reaching the highest since February 12 it was at $7.36/mt.
The cost of sending clean products on the Black Sea-Med voyage rose 74 cents day-on-day to $15.27/mt (w155), the highest since February 12 at $16.25/mt, Platts data shows.
On Friday morning, the Cielo Di Guangzhou was heard on subjects to Cepsa loading for April 11-12 laycan from Sarroch to Med at w155.
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"In every case owners are having the market in their hands and pushing rates...doesn't seem to settle at this level," a shipbroker said.
A shipowner underscored the point.
"I am asking for w170 for the Black Sea-Med trip after a ship is reported on subs at w155. Besides, finally we are having good days...there were some weather delays in the Med like Malta, Sarroch and Fiumicino last week, which kept the ships away from the market thereby tightening the list. But Sarroch opened yesterday," the shipowner said.
"Overall, traders want to benefit from the high prices for some clean products in the Med, so generally there is more activity," the shipowner added.
A trading source said there were unexplained shipping delays and less gasoil coming from Russia than usual.
"Also shipping is becoming difficult and there is a lack of prompt ships to load in the Black Sea," the source said.
--Shubhlakshmi Shukla, shubhlakshmi.shukla@mhfi.com
--Jhoan Cordoba, jhoan.cordoba@platts.com
--Edited by Jeremy Lovell, jeremy.lovell@platts.com