Cross-Med rates for 30,000 mt cargoes were assessed at Worldscale 130, or $8.40/mt, at Wednesday`s Platts Market On Close and were pegged at low levels Thursday morning. Black Sea-Med rates for the same cargo size were also assessed at w130, equivalent to $16.98/mt.
This represents the lowest levels assessed since September 13, 2012, when Black Sea-Med rates were at $16.04/mt and Cross-Med rates were at $8.03/mt.
Shipping sources attributed the record fall in rates to sustained weak cargo availability in both regions and an oversupply of available tonnage.
"[As of today] there are no cargoes [in the Med and Black Sea] until June 20 and a lot of ships around," said a shipbroker. "Looking at tonnage lists there are at least 10-15 ships available for dates leading up to June 20 -- they are all sitting waiting for a cargo."
Sources reported the Conti Guinea on subjects to Mercuria for a June 30 loading from Sarroch, Italy to the Med at w127.5. A trading source at Mercuria was not immediately available to comment.
"There are very few cargoes being quoted," said a second shipbroker. "I would call rates w125-130 levels and no cargoes available until at least June 18."
Cross-Med and Black Sea-Med freight rates have been on a downward trend since earlier this year as refinery maintenance and weak cargo supply weighed heavily on the market, sources said.