Handysize clean tanker rates in the Mediterranean plunged to a one-month low Tuesday on the back of more tonnage and lackluster demand for cargoes, shipping sources said Wednesday.

According to Platts data, Handysize tanker rates on the Cross-Med route, basis 30,000 mt, fell Worldscale 5 to w160 Tuesday, which was the lowest since February 24 when the rate on the route was w157.50.

Falling Cross-Med freight rates, with potential to fall further, put pressure on rates on the Black Sea-Med route, basis 30,000 mt.

Shipping sources indicated rates on the Black Sea-Med route at w155-w165 and the Cross-Med route between w150-152.50 early Wednesday.

"There are more than 20 ships on the spot in the Mediterranean region, and this would put pressure on the rates," a shipbroker said.