Tanker Market Pulls Back as Russia-India Crude Freight Holds Firm

According to Jin10, the Mediterranean tanker market has recently fallen sharply, with Riverlake saying freight for a 140,000-dwt crude tanker from the Black Sea to the Mediterranean has dropped to 280 Worldscale points from about WS570 in mid-August, while cross-Mediterranean freight has also fallen by about 100 Worldscale points since the second half of August to WS280 at the start of September. Another shipbroker said freight may have already fallen to around WS200, but traders said freight to ship Urals crude from Novorossiysk to India has remained broadly unchanged at about $18 million to $20 million per voyage.