18 November 2007 16:19 [Source: ICIS news]
By Stephen Burns
With crude oil up by around 50% since mid-year, bunker fuel values have been pulled higher globally.
That is putting some upward pressure on freight rates, the source said.
The rising cost of the fuel, which can represent 50-60% of freight rates, has helped offset declining demand in the freight market, particularly in ?xml:namespace>
Discussions on freight rates for 2,000-tonne easy chemicals on the South Korea/Taiwan route were around $26-27/tonne last week, compared with $31-33/tonne at the start of the year, according to data from global chemical market intelligence service ICIS pricing.
The dire predictions in recent years of a sustained surge in freight rates have proven to be overblown, the methanol marketer noted on the sidelines of the annual Latin American Petrochemical Association (APLA) meeting in
The APLA event ends on Tuesday.
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