14-05-2016

Long Range tankers freight rates on ARA-WAF route at lowest levels assessed by Platts

LRT

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: Platts

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