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Med, Black Sea Eastbound Suezmax Rates Jump: Platts

FREIGHT

Freight rates for Suezmax voyages loading in the Mediterranean and Black Sea and discharging in the Far East have spiked amid instability in the Black Sea, according to Platts.

  • The CPC-Far East route via Suez was assessed at $7.5m lump sum, a 10-month high. This is up from $6.4m in Jan.
  • A European broker told Platts that very few owners are still giving the option of a Suez transit.
  • Suezmax shipments of Kazakh CPC crude from the Black Sea to Far East fell to one in Jan, the lowest since Nov. 2020. It compares to eight in Jan. 2023 and the average of 6 per month in 2023.
  • Sources said the difficulty in sending CPC crude to the Far East is causing Asian buyers to turn to US crudes.
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