23 August 2013 19:31 [Source: ICIS news]
HOUSTON (ICIS)--Transatlantic eastbound chemical freight rates on 5,000-tonne shipments rose slightly this week on a surge in cargoes from the US to Europe, brokers said on Friday.
Eastbound rates on 5,000-tonne shipments increased by $2-3/tonne to $40-45/tonne (€30-34/tonne) from the previous $38-42/tonne.
The increase came from a variety of chemical cargoes including lubricants, pyrolysis gasoline (pygas), ethanol, vinyl acetate monomer (VAM) and urea ammonium nitrate (UAN) headed to Rotterdam and other ports in Europe.
A 5,000-tonne VAM shipment from Houston to Rotterdam carried a freight rate of $45/tonne, a broker said.
However, the slight move up in freight rates may not lead to bigger increases soon.
“We are not expecting any material change in the weeks ahead,” said the most recent report from Eastport Global.
Odin Marine Group’s latest report said noise about styrene arbitrage should lead to some shipments to Europe in the coming weeks, but that the available space in the market would absorb the cargoes “without much pressure on freight rates”.
($1 = €0.75)
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