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WAF Suezmax Market Surges Amid USG Support: Platts

FREIGHT

The WAF Suezmax market saw a sharp rise in freight rates and activity on April 10, amid a firming USGC-UK/Continent route and a rush to fix cargoes for late-April laycans, Platts said.

  • A shorter supply of vessels in positions to meet these dates was also a factor.
  • Nine Suezmax fixtures were reported for loading in the WAF region April 10, a substantial increase in activity levels.
  • Rates firmed, having jumped to $20.30/mt from $17.81/mt the previous day for the 130k mt WAF-UKC route.
  • The lack of tonnage was due to support from a strengthening USGC market. Tighter availability for midsize tankers could see preference move to larger ships.
  • While fixtures had risen, some brokers disputed that this was due to a rise in cargoes from the WAF region.
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