Black Sea spot rates spike as Ukrainian attacks squeeze crude exports
- Baltic Exchange’s Black Sea-Med suezmax index is at $320,585 per day, up 58% week on week and 82% month on month
- Argus’ CPC-Med aframax assessment is at $6.99 per barrel, 2.8 times the assessment one month ago
- Black Sea crude exports averaged just 825,000 bpd over the past two weeks, according to Vortexa data. In June, Black Sea crude exports were 4.6 times higher
Black Sea spot rates are nearing the all-time highs seen early in the Hormuz crisis. Many owners are in wait-and-see mode after Ukrainian attacks, and AWRP insurance cover is restricted or ‘economically unviable’, says Argus
