26 September 2013 10:17 [Source: ICIS news]
SHANGHAI (ICIS)--Delays are likely in Saudi ports with reduced manpower expected ahead of the Muslim festival of Eid ul-Adha in mid-October, petrochemical market players said on Thursday.
“We expect delays in port operations and custom clearance as more people go on leave [before Eid-ul-Adha],” said a major Middle Eastern end-user.
The expected delays are not likely to exert upward pressure on freight rates because of subdued demand leading up to the festival.
“Most end-users are already well-stocked since Eid ul-Fitr [in early August], so buying activity is limited during this period,” according to a trader based in the East Mediterranean.
Freight rates for 5,000 tonne vessels from the Middle East to China were assessed at $56.00-60.00/tonne (€41.40-44.40/tonne) during the week ended 20 September.
($1 = €0.74)
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