Spot rates for aframax tankers in the Mediterranean remain on a tear this year despite no sizeable increase in liftings.
The Baltic Exchange's assessment on rates for the TD19 cross-Mediterranean route settled at $35,065 per day today, up three fold from the $10,674 per day assessment at the beginning of last week.
TD19 rates saw their first bout of strength last November with brokers attributing much of the strength of chartering for both Black Sea and Mediterranean cargoes. Libya also began to ramp exports from its Es Sider oil facility.
MJLF analyst Court Smith says aframax demand is also coming from other markets such as Novorossiysk in the Black Sea, Egypt's Sidi Kerir and off the Caspian Pipeline.
But with actual cargo volumes flat relative to last year, tight supply is keep rates buoyant, Smtih says. MJLF estimates Mediterranean-Black Sea liftings at just under 1 million tonnes as of last week.
"It doesn't take a big swing to move rates," Smith said.
