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WAF Crude Tanker Rates Soften: Platts

FREIGHT

Freight rates from WAF dirty tankers have fallen significantly in the last week, amid poorer cargo demand, a build in free-of-cargo vessels, and a cooling USGC market, Platts said.

  • The 135k mt Africa-UK/Continent route was $16.98/mt April 19, down 20% from the three-month high of $21.31/mt April 12.
  • US Gulf rates have been coming off after a rush to clear outstanding cargoes for late April. The supply-demand fundamentals have no shifted to favour charterers.
  • The WAF VLCC market is also under some pressure, attributed to muted cargo enquiries and softening Persian Gulf VLCC and WAF Suezmax rates.
  • There is a feeling that rates could drop further as the loading window moves toward the summer months, Platts said.
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