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.

Related Posts

Ethiopian inaugurates thrice weekly service to Bahrain

Ethiopian inaugurates thrice w ...

August 18, 2017: Africa’s fast growing airlines, Ethiopian Airlines Group, has announced that it will operate thrice weekly ...

DHL, Ford rolls out jointly made electric delivery van

DHL, Ford rolls out jointly ma ...

August 18, 2017: US automaker Ford and German logistics company Deutsche Post DHL Group and have unveiled a jointly manufactured e ...

Bollore Logistics delivers two boilers for brewing company in Africa

Bollore Logistics delivers two ...

August 18, 2017: Global transport and logistics company, Bollore Logistics has been chosen to provide services to Ibecor, a Heinek ...

Kuehne + Nagel to provide production logistics to Mercedes-Benz

Kuehne + Nagel to provide prod ...

August 18, 2017: Global transport and logistics company Kuehne + Nagel has announced a new multi-year contract with Mercedes-Benz ...