MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Red Sea Tensions Drive Down WAF Suezmax Rates: Platts

FREIGHT

Red Sea disruption has led to a flow of westward ballasters into the Atlantic from the Persian Gulf, driving down Suezmax freight rates loading in WAF, Platts said.

  • The 130k mt WAF/Continent route saw rates come down to $16.98/mt, receding from a two-month high of $23.61/mt where rates stood in H1 Jan.
  • "As quite a few owners will now not transit the Red Sea and there are not enough cargoes in the Persian Gulf [for Westbound], they will now look towards West Africa." A source told Platts.
  • Platts noted that shipments from the Persian Gulf to Europe have declined, having averaged 25 Suezmax shipments per month in 2023. In Jan, this had fallen to 12.
  • The longer route via the Cape of Good Hope rather than the Red Sea adds up to a month in voyage time and w40-60 points on rates.
BulletEnergy BulletsHomepageCommodities
BulletEnergy BulletsHomepageCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.