Cross-Med freight rates for Aframax tankers dropped Worldscale 12.50 on the day to w80, the lowest since July 16 when they were w82.50, according to Platts data.
For the Black Sea-Med route, 80,000 mt cargoes dropped w7.50 over the day to w85, the lowest seen since July 17 when the rates were w82.50.
Freight rates on these routes had firmed sharply on July 19 to hit a 2013 high after the Kirkuk-Ceyhan crude pipeline from Iraq came back online after a 27-day stoppage, with sources reporting a flurry of cargoes entering the market.
"Usually, in the summer months [activity is] very low, but unexpected things happen such as Kirkuk coming back online. And, for a week or so, we saw rates soaring, but it never lasts," said one shipowner.