EPCA ‘12: Market hopeful for firmer Black Sea freight rates

08 October 2012 17:21  [Source: ICIS news]

BUDAPEST (ICIS)--Participants in the European chemical tanker market are hopeful for firmer freight rates for cargoes loading in the Black Sea as result of favourable weather conditions in the region, sources said on Monday.

Speaking on the sidelines of the 46th annual European Petrochemical Association (EPCA) meeting in Budapest, Hungary, both brokers and operators were optimistic that greater yields of vegetable oils would result in further exports from the region and help to raise activity levels and freight rates.

“We are hoping that the increased volumes of Fosfa [Federation of Oils, Seeds and Fats Associations] cargoes will help us to achieve higher freight rates,” one ship operator said.

With internal demand in Russia also low in winter, a broker said he hoped this would “also help increase exports and soak up the current oversupply of vessels in the region.”

The annual EPCA meeting runs from 6-10 October.

By: Neha Popat
+44 208 652 3214

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