Freight rates in the Mediterranean fell back Monday, after the impact of relaxed regulations in the Bosporus Straits finally began to trickle through to the market.

Complaints of severe delays and disruptions to the shipping route caused Turkey to reverse rules introduced in late September that restricted the time when tankers could pass through the shipping routes. The disruptions sent freight rates in the region soaring nearly 30% last week.

Cross-Med Suezmax and Aframax rates have fallen around $2,000/day and $8,000/day, respectively, to around $52,500/day $50,000/day thanks to the relaxation of the rules, said Omar Nokta, shipping analyst at Dahlman Rose & Co.

Aframax cross Mediterranean rates last week stood at $59,597/day, up 27.7% on the week.

The Bosporus and Dardanelles are the only maritime link to the world's oceans for Black Sea states. Urals crude from the major oil port of Novorossiysk relies on the shipping route to reach the wider market.

According to the Baltic and International Maritime Council some 3 million barrels of oil passes southbound through the region every day.
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