Cross-Med dirty freight cheapest in a year on low activity

Time:2013-06-25 Browse:52 Author:RISINGSUN
Cross-Mediterranean dirty freight rates for Handysize vessels slumped to their lowest in almost a year last week, as available vessels continue to outnumber demand for this tanker size, according to shipbrokers.


The Cross-Med route was assessed at Worldscale 125 Friday for the third trading day, its lowest since June 26 last year.


Shipbrokers said that most of the prompt cargoes were covered earlier last week, leaving Cross-Med and the Black Sea-Med, basis 30,000 mt freight rates, lingering in a range of Worldscale 125-135.


"The Cross-Med, and Black Sea-Med basis 30,000 mt market is dead at the moment," said one shipbroker. "There are no cargoes to be covered."


A second shipbroker said: "The actual activity on Friday was almost non-existent on the Cross-Med and Black Sea-Med."


Dirty handysize freight is at historically cheap levels elsewhere; UK Continent-Med dirty freight has breached nine-month lows over the last few days at w135. It last this low on September 10, 2012.


Baltic/UKC freight has stayed at w140 for most of June, also a nine-month low; it was last lower on September 19, 2012, at w137, Platts data shows.