Drop in cargo volumes smacks aframax rates

Aframax rates have tumbled to lows not seen since September 2014 as cargo liftings from Mexico and Venezuela drop.

The Baltic Exchange's assessment for aframax spot rates from the Caribbean-to-US Gulf reached just over $2,900 per day Friday, a 25% drop from Thursday and well off from the $17,000 per day rate seen at the beginning of the year.

The drop off in rates appears to stem from fewer lifitings out of the east coast of Mexico and Venezuela, says MJLF analyst Court Smith.

January