Aframax freight rates jump to nine-month highs - Panorama Insurance Brokers

Aframax freight rates jump to nine-month highs

(S&P Global Platts) The extreme cold temperatures that hit Texas the week started Feb. 14 caused port closures that locked up tonnage and provided a silver lining for shipowners, already struggling with rates beneath the w100 psychological mark since May 2020 due to low demand for shipping crude following production cuts.

Freight for the benchmark 70,000 mt USGC-UKC route shot up over 38% on the week, to be assessed at $21.25/mt, or w125 on Feb. 25, up from w90 on Feb. 17.

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