Cross-Mediterranean handysize tanker rates have plunged more than 20% from December as charterers started to look at fixing larger ships.
French shipbroker Barry Rogliano Salles (BRS) said a "big correction" in levels had seemed long overdue.
"Although enquiry levels have been very consistent over the past few weeks, fear that charterers will start looking to take bigger vessels has finally happened," the Paris-headquartered shop added.
A 37,000-dwt MR1 has been fixed on subjects for a trip to the Baltic or other northern European regions, the broker's latest market report reveals.
"This gave handy owners no choice but to adjust their rate ideas," it said.
BRS pegs cross-Med handysize rates at $22,850 per day now for a 30,000-dwt ship, against more than $30,000 in December.
But there is hope for owners after rates steadily corrected downwards over several days.
Despite unsettled weather expected across the central Mediterranean, an uplift in fresh enquiry has instilled much-needed optimism into the sector.
Lost ground clawed back
"Owners remain hopeful that a resurgence in demand, particularly out of the Black Sea, will stabilise the market," BRS said.
"However, some of these stems are well beyond the current fixing window, so we don't anticipate charterers to rush — particularly with a well-populated tonnage list."
For MRs, there was a slow start to last week, with what seemed to be a fairly well-supplied tonnage list allowing charterers to chip away at rates.
Earnings for a 37,000-dwt vessel heading from northern Europe to the US on the TC2 route were assessed at $12,200 per day, against almost $15,000 last month.
But BRS said: "Once owners snapped out of holiday mode, they were able to see that much of the front of the list was made up of ... ice-class vessels, not the ideal candidates for many charterers on the TC2 route."
Owners were able to claw back some lost ground after a flurry of enquiry at the end of the week.
As for LR1s, activity was still trickling in and a few prompt positions have now been covered, but the fixing window is into the last 10 days of January, with lingering tonnage being left behind.
This is ensuring rates remain steady at best, BRS said, adding: "The prospect of increased transatlantic demand will be giving optimism to owners."
