Freight rates in the Mediterranean fell back Monday, after the impact of relaxed regulations in the Bosporus Straits finally began to trickle through to the market.
Freight rates in the
Mediterranean
fell
back Monday, after the impact of relaxed regulations in the Bosporus Straits
finally began to trickle through to the market.
Complaints of severe delays and disruptions to the shipping route caused
Turkey
to
reverse rules introduced in late September that restricted the time when
tankers could pass through the shipping routes. The disruptions sent freight
rates in the region soaring nearly 30% last week.
Cross-Med Suezmax and Aframax rates have fallen around $2,000/day and
$8,000/day, respectively, to around $52,500/day $50,000/day thanks to the
relaxation of the rules, said Omar Nokta, shipping analyst at Dahlman Rose
& Co.
Aframax cross Mediterranean rates last week stood at $59,597/day, up 27.7% on
the week.
The
Bosporus
and
Dardanelles
are
the only maritime link to the world's oceans for
Black
Sea
states. Urals crude from the major oil
port
of
Novorossiysk
relies on the shipping route to reach the wider market.
According to the Baltic and International Maritime Council some 3 million
barrels of oil passes southbound through the region every day.
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