Aframax market lifted by Mediterranean and Black Sea activity
Cross-Mediterranean rates rose as a busy fixing window met a shorter list of prompt tonnage.
Aframax rates in the Mediterranean firmed this week as a concentration of cargoes for early September loading met a shorter list of prompt vessels, brokers reported.
Cross-Mediterranean voyages saw the strongest gains, with charterers competing for a limited number of well-positioned candidates. Owners with vessels opening in the Eastern Mediterranean were able to negotiate improved terms.
North Sea activity was steadier, with rates largely holding recent levels amid balanced supply and demand.
Brokers said sentiment was further supported by firmer Suezmax rates out of West Africa, which reduced the likelihood of larger vessels competing for Aframax stems.
The weekly tanker review will track whether the improvement carries into the second week of September.
Related coverage
