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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.
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