WAF-UKC Suezmax Market Falls to 9-Month Low: Platts

The freight rate for Suezmax voyages loading in WAF and discharging in the UK-Continent fell to a nine-month low in $/mt terms July 3, Platts said.

• The weakening follows recent softness in the US Gulf market, a lengthy Atlantic tonnage list, and muted enquiry levels
• The 130k mt WAF-UKC run was assessed at w100 July 3 EU ETS inclusive. The EU ETS exclusive route was assessed at a six-month low of w97.
• The picture is even more bearish when looking in $/mt terms, with the WAF-UKC Suezmax route at a nine-month low of $16.07/MMBtu.
• Despite recent decline in rates, sources told Platts that they don’t expect a sustained collapse, although some further softening is possible.