Black Sea and Mediterranean crude FOB values have risen over the past few days as freight costs have dropped from 10-month highs amid falling inquiry on the back of a light December Urals loading program and a sporadic flow of cargoes from Libya, sources said.

Aframax cargoes of Azeri Light, FOB basis the Black Sea port of Supsa, were assessed Monday at a $0.98/barrel premium to the BTC Dated Strip, having risen from a more-than four year low of minus $0.30/b on November 10.

The bounce in CPC FOB differentials has been equally pronounced, with Aframax cargoes, FOB basis the CPC Blend terminal north of Novorossiisk, up more than $0.85/b from a multi-month low of minus $2.775/b November 20.

Platts calculates FOB values for many regional crudes as a freight netback to a central Mediterranean, CIF delivered price, and traders said the upward swing in FOB rates has been tied directly to a sharply weaker freight rate in Black Sea and Mediterranean Aframax markets.

“Freight rates have come off significantly,” a crude trader said. “The advantage for CFR grades will likely erode and we have seen that come off in terms of differentials. It is likely to be a relief to the guys selling FOB.”

After a sharp increase in Aframax rates which saw the Black Sea-Mediterranean route, basis 80,000, soar to Worldscale 230 on November 18, the fall in fixing activity has lengthened the tonnage list. The rate was assessed at w112.5 Monday.

Further freight rate decreases were seen as likely given the quietness of the Aframax market and the abundant supply of ships.

“The market is softening and I am not sure where it will end up,” a shipbroker said. “The Russian export programs have been light this month and owners have been pushing ships left, right and center.”