Europe-bound transatlantic chem shipping rates increase

03 June 2009 17:30  [Source: ICIS news]

HOUSTON (ICIS news)--Stronger competition among chemical shippers leaving the US Gulf for the Europe-bound transatlantic route during the past week has pushed up freight rates, brokers said on Wednesday.

Increased activity on the eastbound lanes tightened space and raised freight rates to $60-65/tonne (€42-46/tonne) from $55-60/tonne on 2,000-tonne shipments and to $40-45/tonne from $35-40 on 5,000-tonne loads, brokers said.

Eastbound freight rates dropped on 1 May due to slackened activity. But a broker said shippers have seen their contract business to Europe pick up in recent weeks, filling up much of the available cargo space to Rotterdam.

"It's certainly not over-available," said a broker.

Westbound rates from Europe to the US Gulf remained unchanged.

($1 = €0.70)

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