On a day where suezmax tankers were trading on the Baltic Exchange time charter market for less than $1,000 there was one cause for celebration. The Greek tanker Aegean Unity yesterday became the first suezmax to cross the expanded Panama Canal.
Suezmaxes were unable to transit the old canal.
Baere Maritime chartered the ship to move crude from the west coast of the US to the Bahamas. The vessel is understood to be just partially loaded. Fully loaded suezmaxes are unlikely to be able to transit the expanded waterway.
Suezmax rates are looking like they are headed for historic lows. The Baltic Exchange’s time charter equivalent rate slumped to just $871 a day on Thursday.