Aframax tanker rates have recorded a six-digit territory rise in Europe this week, surpassing the spikes observed in October. Namely, freight levels in the North are taking another leap with a solid upward correction in the Baltic and North Sea basin, according to Fearnleys.
What is more, deals done on for the North Sea to the Continent put aframaxes on $111,100 per day, rising by more than $40,000 since Monday.
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Fearnleys now expects owners to continue to put further pressure on freight levels in light of the festive season.
Specifically, in the Mediterranean and Black Sea, a downwards correction persisted this week, with the exception of the last few days where a pickup in cargo activities has resulted in the market leveling out rate-wise.
Fearnleys adds that a cross-Med voyage is still gaining owners a return around USD 50,000 pd on TCE, and delays in the straights is maintaining pressure on rates for voyages ex Black Sea.
In the following days, some ships are expected to look to the North, and if cargo activity continues to keep up it is probable that the Mediterranean and Black Sea markets bounce back.
On 26 August, the LNG-fueled Aframax crude oil tanker ‘Korolev Prospect’, owned by Russian Sovcomflot, began a transit of the Northern Sea Route (NSR). The ship became the first such large-capacity crude oil tanker to travel the entire length of the Northern Sea Route using only LNG fuel, the company said.
The tanker was delivering a cargo of crude oil from the port of Murmansk to China.
