Northeast Asia freight for prompt July shipments up on typhoon

17 July 2013 05:20  [Source: ICIS news]

SINGAPORE (ICIS)—End users requiring prompt cargoes for loading in July can expect to pay higher freight rates days after Typhoon Soulik battered northeast Asia, Asia-based shipping sources said on Wednesday.

“Ships are delayed and coastal ports were closed temporarily, so anything moving out in the next one or two weeks will come with a premium,” a Singapore-based shipbroker said.

The typhoon hit northeast Asia late last week, killing several people in China and Taiwan. It weakened over the weekend of 13-14 July, but strong winds persist.

Weather conditions remain poor, said a Japan-based charterer. He added that they will monitor the situation, but shipowners may ask for higher freight rates to move vessels during this period.

The charterer added that freight rates for vessels loading in August are likely to be stable as ship supply will normalise before the end of July.

Freight rates from South Korea to the Chinese ports of Tianjin and Ningbo, and to Taiwan were assessed in the low-to-mid $20s/tonne for 5,000 tonne vessels for the week ended 12 July, according to ICIS.

By: Muhamad Fadhil
+65 6780 4356

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