Cross-Med clean tanker markets at record lows on surplus tonnage, dearth of cargoes

S&P Global Platts | Oct 1, 2020 at 3:50 PM
  • Cross-Mediterranean basis 30,000 mt freight rates reached a new low on Sept. 30, as overwhelming tonnage and a dearth in cargo availability breached a previous floor in the market with shipowners making sharp losses on reduced cargoes in the basin.
  • Med shipowners will likely have to contend with diluted trading activity in the fourth quarter compared to previous years, as oil product fundamentals dictate slowing demand and a lack of liquidity to settle in for the months ahead.
  • In the naphtha market, expectations of refinery run cuts across the region brought a boost to prices.