Short supply keeps pushing rates skywards

Suezmax tankers are seeing strong earnings again, with rates in the Mediterranean reaching $63,000 per day – the highest in over 12 months. The key driver? A sharp increase in crude oil shipments from Kazakhstan via the Black Sea.

Major Tengiz expansion boosts tanker demand.
Recent expansions at the Tengiz oilfield have led to more cargo moving through the CPC terminal in Novorossiysk. April will see nearly 40 Suezmax liftings, well above last year’s monthly average.

At the same time, more barrels are heading to Asia, increasing voyage lengths and reducing vessel availability in the region. While other Suezmax routes like West Africa are seeing some gains, the real momentum remains concentrated in the Black Sea.