Nordic American Tankers Ltd (NAT)

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Suezmax Rates have decline.

Rates in this sector have tumbled, not only due to the collapsing VLCC market, but also the lack of enquiry and the small armada of cargo free vessels sitting off Gibraltar waiting for their next opportunities for gainful employment. Rates for 130,000mt Nigeria/UKCont have fallen 50+ points to WS117.5, while 135,000mt Black Sea/Med rates fell similarly to WS127 level. In the Middle East market, the focus has been on trips to the Far East where rates have come off, therefore sentiment alone has driven rates down 35+ points for 140,000mt Basrah/Med to low WS90s. However, this level is yet to be tested.