26 July 2013 20:26 [Source: ICIS news]
HOUSTON (ICIS)--US Gulf-to-Asia chemical freight rates rose by $5/tonne this week on increased traffic from styrene shipments, brokers said on Friday.
Rates on the USG-Asia route rose to $85-90/tonne for cargoes of 2,000 tonnes or larger, compared with $80-85/tonne previously, brokers said.
Rates for 5,000 tonnes or more increased to $68-73/tonne from $63-68/tonne previously.
The latest Odin Marine Group report said styrene continues to dominate the route.
US styrene demand has been strong lately, with July material sold out in June, styrene sources said. The styrene market has been globally tight because of recent turnarounds and reduced output.
The arbitrage currently favours US styrene spot prices, which are more than $100/tonne cheaper than Asian material, according to ICIS.
($1 = €0.75)
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