<article><p class="lead">Aframax freight rates in the Mediterranean and Black Sea reached their highest levels in 17 years, since <i>Argus</i> started assessing the routes, as a result of stronger demand and tightening tanker availability ahead of the EU's 5 December ban on Russian crude imports.</p><p>The 80,000t cross-Mediterranean and 80,000t Black Sea to Mediterranean rates have climbed by $15.19/t and $22.42/t respectively since 7 November to reach $31.09/t and $48.18/t, their highest levels since <i>Argus</i> started assessing the route in late 2005. </p><p>Exports of Kazakh CPC Blend crude, which loads in the Black Sea, have rebounded this month, with a revised programme putting exports at 1.38mn b/d in November, up by 28pc on the month. The terminal operated at 50pc capacity since August because of damage to two of its three single-point moorings (SPMs) and maintenance at Kazakhstan's Kashagan oil field.</p><p>In the Mediterranean, Libyan and Algerian exports hit one-year highs last month. Libya managed to maintain a stable output at around 1.1mn b/d since the most recent spate of field and port blockades ended in mid-July. Exports of Algeria's Saharan Blend to northwest Europe and the Mediterranean rose by 35pc on the month to 392,000 b/d in October, the highest in a year.</p><p>European refiners have been forced to increase imports from the Mediterranean as they move away from Russian crude, increasing the number of cargoes to be shipped from the region. And rising rates in other markets — such as the North Sea or the US Gulf — because of the approaching 5 December deadline has added upward pressure.</p><p>At the same time, port delays because of terminals' busy export schedules and lengthening waiting times at the Turkish Straits because of bad weather and daylight transit restrictions has limited the number of available tankers. </p><p class="bylines">By Matthew Mitchell</p></article>
