USG-Asia chem freight rates drop again on low spot traffic

06 July 2012 20:18  [Source: ICIS news]

HOUSTON (ICIS)--US Gulf to Asia chemical freight rates dropped again this week from continued low spot traffic, brokers said on Friday.

The drop by an average of $5.00-7.50/tonne (€4-6/tonne) was the fifth rate reduction this year. Spot chemical cargoes on the route have fallen following a year-end surge in shipments.

Rates dropped four times previously, once in June, twice in April and once in February, because of thinning traffic.

Rates on the USG-Asia route fell to $55-60/tonne on cargoes of 5,000 tonnes or larger, brokers said.

For smaller cargoes of 2,000 tonnes or larger, rates dropped to $65-70/tonne.

The route still maintains strong contract business, but spot traffic is weak, a broker said.

($1 = €0.81)

By: Lane Kelley
+1 713 525 2653

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