WAF-UKC Suezmax rates sink to 14-year low on weak Nigerian demand

WAF-UKC Suezmax rates sink to 14-year low on weak Nigerian demand

Aug 12, 2016: The cost of sending crude oil cargoes from West Africa to Northwest Europe on Suezmaxes has dropped to the lowest level in over 14 years, according to Platts data.

The WAF-UK Continent route, basis 130,000 mt, was assessed 5 points lower at Worldscale 35 Wednesday. This equates to $5.05/mt, which is the lowest since a $3.95/mt assessment on June 21, 2002.

The continued force majeures at Nigerian oil terminals such as Forcados, Qua Iboe and Brass River has substantially curbed demand for Suezmaxes in the region in recent months, and caused the WAF tonnage list to swell to levels rarely seen by veteran market participants.

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