26 October 2009 14:44 [Source: ICIS news]
LONDON (ICIS news)--Chemical shipping freight rates between Rotterdam and Taiwan for 2,000 tonne easy chemical cargoes were reduced by $3/tonne on the top end of the range to $86-92/tonne on Friday due to fewer cargoes and better vessel availability, brokers and owners said on Monday.
“The regular ship owners that work the route are desperate to fill up space and freight rates are falling accordingly,” one broker said.
The majority of freight rates heard were in the high $80s/tonne, which is down from $125/tonne seen in mid-September, according to global chemical market intelligence service ICIS pricing.
However, trade in the opposite direction was understood to be increasing, as 5,000 tonnes from ?xml:namespace>
“Price levels for westbound vegoil and palm oil cargoes are improving amid rising Chinese production and better demand,” one source said.
Rising internal Asian trade would eventually lead to better external business but was dependent on European and US demand picking up, the source added.
Shipping sources continued to sound a cautionary note that activity in the worldwide chemical shipping market would not improve until at least 2010.
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