06 October 2013 12:13 [Source: ICIS news]
BERLIN (ICIS)--An earlier-than-usual start to the traditional fourth-quarter rundown in US inventories has perked up the chemical tanker freight market, a shipping industry source said on Sunday.
US exports to Asia and Latin America in particular are breathing some life into a global market that has otherwise been difficult for shipping companies, the source said on the sidelines of the 47th annual European Petrochemical Association (EPCA) meeting.
September may have been the "worst-ever month" for business, the source said.
The US exports catching attention include ethylene dichloride (EDC), monoethylene glycol (MEG), and paraxylene (PX), the source added.
Styrene has also come into the freight picture to some extent, the source said.
A lack of ships arriving in the US is tightening up the freight market, the source noted.
The EPCA meeting runs from 5-9 October.
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