Long Range tankers freight rates on the Amsterdam-Rotterdam-Antwerp hub to West Africa route basis 60,000 mt, plunged Thursday to the lowest levels assessed so far by Platts.
Platts started assessing freight on the ARA-WAF trip in November 2013. According to Platts market data, freight rates on the ARA-WAF trip were down $2.42/mt at $10.35/mt which equates to Worldscale 75.
The fall in the LR tanker market was a result of an overhang of tonnage and little demand for cargoes for ships operating on the ARA-WAF voyage, shipping sources said.
In addition, the BW Lena was reported to be on subjects to Glencore’s shipping arm ST Shipping for May 15 loading on ARA-WAF trip at w75.
“I am not surprised it [freight rate] went below w80…it does set a precedent. I am not sure it can be done at a lower rate this week, but next week…w70,” a shipbroker said.
Source: PlattsPrevious Next