Platts: Rise in West African Crude Flow to India to Boost Suezmax Rates

“Freight rates for Suezmaxes are rising due to strong demand for shipping West African grade crude to India and may rise further as older ships are scrapped as well as on potential crude exports from the US, shipbroker Poten and Partners said in a report released over the weekend. The number of cargoes moving from West Africa to Asian destinations has more than doubled to 15 in November from less than six a month in 2012, the report said. Suezmax demand took a hit as US domestic crude oil production and consumption expanded at the expense of West African imports. However, this has now been more than offset by the rising West African crude shipments to Indian refineries, the report said.”