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Suezmax spot rates rebound from historic lows

Suexmax spot rates continued their upward trend today after hitting all-time lows during the past two weeks in what appears to be a so-called “dead cat bounce”.

The timecharter equivalent (TCE) rate Baltic’s Black Sea-Mediterranean benchmark route (TD6) was today assessed at $2,611 per day, an increase of $2,245 since Wednesday.

The route hit a historic low of -$1,048 per day on August 16, according to Baltic Exchange data.

Similarly, the Baltic’s West Africa-Continent benchmark (TD20) hit an all-time low of $3,966 per day on August 12.

Today, the TCE rate advanced by $2,089 and the TD20 route was assessed at $8,672 per day.

“A rush of enquiries in West Africa, coupled with multiple cargoes loading USG [US Gulf] for east destinations saw rates in West Afirca rise from WS35 to WS42.5 at the time of writing for UKC-Med discharge,” Fearnleys wrote in its weekly market report today.

“Long-haul voyages also been booked in Med/Bsea [Black Sea], which will help the, up to now, ample tonnage availability,” the broker said.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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