30 April 2010 09:04 [Source: ICIS news]
SINGAPORE (ICIS news)--High chemicals inventory at east China ports has depressed shipping demand with reports of a few cancellations of cargoes in the wake of tank space shortage, shipping industry sources said on Friday.
Tank-top situation for a few easy chemicals like monoethylene glycol (MEG), toluene and styrene monomer (SM), in ports like Zhangjiagang, had made discharge a problem and thereby lowered demand for vessel space, a South Korean ship broker said.
Easy chemicals refer to products that can be easily transported and shipped.
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Freight rates for easy chemicals like aromatics from South Korea to mid-China had already fallen to $20-21/tonne (€15-16/tonne) from mid-March levels of $23/tonne following the drop in demand due to high inventories.
Present inventory levels of MEG in east
Toluene stocks in east
Additionally, the Chinese government prohibited the offloading of dangerous cargoes including chemicals at ports in
Meanwhile other chemicals, like paraxylene (PX) and orthoxylene (OX) were being shipped routinely to
($1 = €0.76)
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