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West of Suez Tanker Market Sees Drop in Suezmax and VLCC Rates

FREIGHT

The West of Suez dirty tanker market has come under increased downward pressure, with WAF, Med, and Black Sea rates all falling, according to Platts.

  • The fall was attributed to low cargo inquiry levels amid an influx of vessels ballasting west.
  • Others put the fall down to an adjustment in the USGC market, which had been previously supporting rates.
  • Historically, January is normally weak, coupled with difficulty in maintaining such a high rate of US exports.

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