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Black Sea-Med Handysize freight rate at 4-month high post-refinery turnarounds

Black Sea-Med Handysize freight rate at 4-month high post-refinery turnarounds
The freight rate to carry a 30,000 mt fuel oil stem on a Handysize vessel from the Black Sea to the Mediterranean region has reached a four-month high of $13.53/mt, equivalent to Worldscale 170.

This is the highest level since April 11 when the route was assessed at $13.53/mt, or Worldscale 167.5, according to S&P Global Platts data.

Demand has been brisk from the Black Sea for the last few weeks and this has depleted the volume of Handysize tonnage available in the Eastern Mediterranean, sources said.
It has also had an impact on the wider Mediterranean market as charterers have in some cases been forced to charter vessels from as far afield as the west Mediterranean, shipbrokers said.

Flows out of the Black Sea into the Mediterranean post-refinery turnarounds last month have weakened the Mediterranean fuel oil market. “Med is seeing good flows from the Black Sea, so I guess Handysize vessels are in demand for that reason,” a trader said. “I think there are also other weather issues in play here too.”

The Mediterranean fuel oil market is currently weak to balance, with several sellers in the market looking to offer product for end of August and early September.

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