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Asia Suezmax Tanker Rates Flat as Red Sea Chaos Cuts Voyages: Platts

FREIGHT

Freight rates for crude and dirty products on Suezmax tankers from the Persian Gulf have been stagnant over the past two months due to falling trading volumes, Platts said.

  • Platts Persian Gulf-Med 140k mt freight route has moved just w2.5 points since March 6.
  • Suezmax activity has been cut in East of Suez due to ongoing turmoil in the Middle East, deterring ship owners from positioning their tonnage in the region.
  • Higher premiums for transiting through Suez and the additional 15 sailing days around the Cape of Good Hope have hampered Iraq’s Basrah crude flows to Europe.
  • Red Sea tensions have also cut arbitrage opportunities for Middle Eastern crude to western markets.
  • Middle East crude movement through Suez on Suezmax prior to Red Sea chaos was 747,075 b/d. Now, around 295,032 b/d is being diverted around the Cape.
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